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.
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!