Aerotech Wants Stock Plan Class Axed Under New Appellate Ruling

Aerotech Inc. asked a federal judge to decertify a class of about 500 participants in its employee stock ownership plan, citing a recent appeals court decision casting doubt on class certification in benefit plan disputes.

The Pittsburgh-based motion systems manufacturer asked the US District Court for the Western District of Pennsylvania to undo its March decision granting class status to workers challenging the stock plan’s investment in cash-like holdings. According to Aerotech, the plaintiffs’ preferred investment strategy would benefit younger class members at the expense of those nearing retirement, which means the case can’t be resolved on a class-wide basis. ...