Motion Filed for Preliminary Approval of $5.55 Million Settlement in Russelectric ESOP Case
On September 3, 2026, plaintiffs filed an unopposed motion for preliminary approval of a $5.55 million class action settlement with certain defendants in the ongoing litigation involving Russelectric Inc.’s ESOP. The case, filed in 2022 on behalf of former ESOP participants and the ESOP itself, alleged multiple breaches of ERISA fiduciary duties by defendants related to Russelectric Inc.’s redemption and termination of the ESOP in 2016 and the subsequent 2019 sale of the company.
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