Top Class Actions  |  November 22, 2021

Category: Closed Class Actions

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This settlement is closed!

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Raydon Settlement, ESOP
(Photo Credit: Vitalii Vodolazskyi/Shutterstock)

Anyone who participated in the Raydon Corp. Employee Stock Ownership Plan (ESOP) between Sep. 30, 2015, and Nov. 19, 2021, and who vested the plan may be eligible for a payment thanks to a recent $2.4 million Raydon class action lawsuit settlement.

Settlement Class Members include every United States citizen who was a participant in or beneficiary of the Raydon Corp. Employee Stock Ownership Plan on or after Sep. 30, 2015.

Documents from the Raydon class action lawsuit explain the nature of the case. Plaintiffs allege the Company breached its fiduciary duties and violated the Employee Retirement Income Security Act of 1974 when ESOP purchased 100 percent of the Raydon Corp. shares from the Raydon in 2015. As part of this single transaction, the plaintiffs’ shares were also sold. Plaintiffs say that the stocks were sold for more than the fair market value, but the plan fiduciaries should’ve acted in the interests of plan participants.

While Raydon does confirm that the shares were sold in a 2015 transaction, the company does not agree with the plaintiffs’ allegations. Raydon argues that the transaction was properly structured and fair. The increased price, the company argues, was a result of fair negotiations.

The Court has not looked at the merits of the case. Both the plaintiffs and defendants believe it’s best to end the class action settlement by agreeing to the terms of the proposed settlement agreement.

Raydon Lawsuit Settlement Benefits

Eligible Class Members will receive a payment, which will be allocated to their ESOP account and then transferred to their account under the Raydon Corp. 401(k) Plan. The exact amount each Member will receive is not confirmed yet, but it will depend on the number of Raydon Shares allocated to each ESOP account and the total number of shares allocated to ESOP accounts of all Class Members.

Class Members who don’t agree with the Raydon lawsuit settlement have a right to file an objection by Dec. 21, 2021.

A final approval hearing is scheduled for Feb. 8, 2022.

There is no claim form in this class action lawsuit, so there is no deadline to file a claim.

Who’s Eligible

Class Members include every U.S. citizen who was a participant in or beneficiary of the Raydon Corporation Employee Stock Ownership Plan on or after Sep. 30, 2015.

Potential Award

Varies

Proof of Purchase

No proof of purchase necessary.

Claim Form

No claim form required

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Objection Deadline

Case Name

Woznicki v. Raydon Corporation et al., Case No. 6:18-cv-02090-WWB-GJK, in the U.S. District Court Middle District of Florida Orlando Division

Final Hearing

02/08/2022

Settlement Website
Claims Administrator

Settlement Administrator for
Raydon ESOP Settlement c/o CPT Group, Inc.
50 Corporate Park
Irvine, CA 92606
888-464-0271

Class Counsel

Daniel Feinberg
FEINBERG JACKSON WORTHMAN & WASOW LLP

R. Joseph Barton
Colin Downes
BLOCK & LEVITON LLP

Sam J. Smith
Loren B. Donnell
BURR & SMITH LLP

Defense Counsel

Ashley B. Abel
Alicia M. Chiu
JACKSON LEWIS PC

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6 thoughts onRaydon Employee Stock Plan $2.4M Class Action Settlement

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.