Aluminum Precision Stock Plan Cash Suit Settles for $2 Million

A former Aluminum Precision Products Inc. worker negotiated a $2 million class settlement in his lawsuit challenging the maintenance of substantial cash holdings in the company’s employee stock ownership plan.

The proposed deal would provide net payments of more than $1,300 to each of about 1,000 class members, representing between 66% and 100% of their estimated losses during specified time periods. This compares “exceedingly well” to other class action settlements, including those involving employee benefit plans, plaintiff Gustavo Moran said in a Tuesday motion seeking preliminary court approval from Judge Michael W. Fitzgerald of the US District Court for the ...