Plaintiffs have reached a partial settlement with one of the Defendants in this case, Denise D. Wyatt.
The trial against the remaining Defendants is set to begin on September 8, 2025.
The Partial Settlement must still be approved by the Court. If it is approved, distributions to Class Members will not be until early-mid 2026. For more information on the partial settlement see below.
Russelectric Inc. ESOP
We are representing participants in a putative class action in Bowers, et al. v. Russell, et al. (D. Mass. March 25, 2022). We allege that after the founder of Russelectric died, his heirs orchestrated an unlawful buyback of the company from the ESOP. In doing so, the family paid significantly less than fair market value, depriving the ESOP’s participants of tens of millions of dollars in retirement benefits. Our lawsuit seeks to recover those lost benefits.
Did you receive a benefit from the Russelectric ESOP?
The Parties in this case have reached a partial settlement and are in the process of seeking court approval of that settlement. If you received a benefit from the Russelectric ESOP and have moved since 2016, please provide an updated mailing address and contact information below so that you can stay up to date about this class action and receive your share of the settlement amount if the settlement receives final approval from the court and you are deemed to be eligible for a payment.
Note: Submitting this information does not guarantee that the settlement will be approved or that you will be entitled to a distribution from the settlement. Submitting updated contact information now will help to ensure that you receive any official court notices that may be sent out regarding the settlement, which will provide additional information about your possible payment and options for receiving it
Learn More
If you were a participant in this ESOP and wish to learn more about this case, share information, or believe you may have a claim, please email one of the lead attorneys on this case, Carl Engstrom or Charlie Gokey. You can also learn more about our ESOP practice.