Participants in Ritchie Trucking Service Inc.'s employee stock ownership plan negotiated a class settlement worth nearly $1.9 million in their challenge to a 2018 transaction that allegedly forced workers to overpay for company stock.
The deal, announced Wednesday in the US District Court for the Eastern District of California, includes a $485,000 cash payment and a $1.4 million reduction in the debt owed by the Ritchie ESOP. It represents between 21% and 30% of the plaintiffs’ maximum potential damages in the case.
The settlement is slated to cover about 173 stock plan participants between 2018 and 2024, along with ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.