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 nearly $40 million in retirement benefits. Our lawsuit seeks to recover those lost benefits. We filed an amended complaint on April 12, 2023.
Russelectric Inc. ESOP
Case Updates
February 15, 2024: Court Order denying Defendants’ Joint Motion to Dismiss First Amended Complaint
November 17, 2023: Defendants file Reply in Support of Defendants' Joint Motion to Dismiss First Amended Complaint
November 3, 2023: Plaintiffs file Opposition to Defendants' Joint Motion to Dismiss First Amended Complaint
September 29, 2023: Defendants file Joint Motion to Dismiss First Amended Complaint
May 5, 2023: Plaintiffs file First Amended Complaint
March 25, 2022: Plaintiffs file Complaint
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.