Trucking Company Workers’ $1.9 Million Settlement Moves Forward

Participants in Ritchie Trucking Service Inc.'s employee stock ownership plan secured initial court approval for a $1.9 million class settlement aimed at resolving litigation over a 2018 stock purchase.

The agreement includes a $485,000 cash payment and a $1.4 million reduction in the debt owed by the Ritchie ESOP, representing between 21% and 30% of the plaintiffs’ maximum potential damages. It’s slated to cover about 173 stock plan participants between 2018 and 2024, along with their beneficiaries.

• Magistrate Judge Helena M. Barch-Kuchta of the US District Court for the Eastern District of California issued the preliminary approval order Sept. 19 ...