Maine Oxy Pays $6.3 Million to Settle Stock Plan Class Action

Welding supply maker Maine Oxy Acetylene Supply Co. agreed to pay $6.3 million to settle a class action brought by workers alleging they were forced to give up their stock in the company at a steep discount, according to filings in a federal court in Maine.

The settlement, filed Aug. 26 in the US District Court for the District of Maine, comes almost two years after Judge Nancy Torresen allowed the workers to litigate the case as a class covering more than 100 individuals who held stock in Maine Oxy through the company’s employee stock ownership plan.

• Class counsel will ...