Raydon, Lubbock Ink $2.4M Deal In ESOP Transaction Dispute

Law360 (August 27, 2020, 2:41 PM EDT) -- Raydon Corp. and Lubbock National Bank have agreed to shell out $2.4 million to resolve a class action alleging the defense contractor's current and former workers were shortchanged when their employee stock ownership plan purchased $60.5 million in company stock.

The workers asked a Florida federal court to sign off on the deal in a motion for preliminary approval Wednesday, saying it provided "an excellent result" for the class in the Employee Retirement Income Security Act case. According to the motion, class members are expected to have an average recovery of about $13,000 each before deductions under the settlement.

"Considering the...

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