Revised $2.4M Raydon ERISA Deal Wins Court Approval

By Rachel Stone (October 27, 2021, 4:31 PM EDT) -- A Florida federal judge signed off on a $2.4 million settlement resolving a class action accusing Raydon Corp. of overcharging employees who sunk retirement savings into the company's stock, after two payments to plaintiffs were taken out of the pact.

U.S. District Judge Wendy W. Berger issued an order Tuesday granting preliminary approval of the deal, which aims to resolve an Employee Retirement Income Security Act suit centering on a $60.5 million sale of stock to Raydon's employee stock ownership plan.

The settlement calls for defense contractor Raydon and Lubbock National Bank, which served as trustee for the stock buy, to...

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