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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
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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