Settlement Approved in Maine Oxy Case

In Walsh v. Maine Oxy Acetylene Supply, No. 2:20- incv-00326NT (D. Me. Dec. 13, 2022), parties reached a $6.5 million settlement in a case in which plaintiffs contended that the ESOP trustee and the CEO of the company terminated an ESOP at an improperly low price to orchestrate a favorable deal for members of the board to buy back the 49% of the company the ESOP then owned.

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