Russelectric $14.55 Million ESOP Class Action Settlement
This settlement is open for claims. It is open to eligible claimants in the United States; per-person amounts have not been published. The deadline to file is November 16, 2026, and proof is required. Claims are filed for free on the official claim site.
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About This Settlement
Individuals who received a benefit from the Russelectric ESOP termination may be eligible to claim a payment from a class action settlement.
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Thank you! Check your inbox for a welcome email.Oops! Something went wrong while submitting the form.William C. GendronEditor in ChiefPublishedSeptember 30, 2026 10:00 AMUpdatedSeptember 30, 2026Join the DiscussionParticipants in or beneficiaries of the Russelectric Inc. Employee Stock Ownership Plan who received a benefit when the company terminated the plan may be eligible to claim a cash payment from a class action settlement.
Russelectric and several related defendants agreed to pay $14,550,000 to settle a class action lawsuit alleging violations of the Employee Retirement Income Security Act of 1974 in connection with the administration and termination of the Russelectric ESOP, as well as the sale of Russelectric to Siemens.
Who qualifies for the class action payout?
Class members must meet one of the following criteria:
They participated in the Russelectric ESOP and received a benefit at the time of its termination.
They are a beneficiary, such as a surviving spouse or heir of a deceased participant, who received a benefit at the time of the ESOP termination.
They are an alternate payee under a qualified domestic relations order.
How much is the settlement payment?
Pro rata payment: Eligible class members will receive a pro rata payment from the net settlement fund. The payment each class member receives is based on their percentage interest in the ESOP at the time of its termination. There are approximately 394 eligible class members.
Most class members do not take any action to receive their payment.
How to File Your Claim
- 1Verify your eligibility
Review the settlement details above to confirm you meet the criteria.
- 2Visit the official claim form
Always file through the official settlement administrator website.
- 3Submit before the deadline
You must file by November 16, 2026. Late claims are not accepted.
Frequently Asked Questions
How much can I get from the this settlement?
Per-person payout amounts have not been published yet. Check the official settlement page for updates.
What is the deadline to file a claim?
The claim deadline is November 16, 2026. Claims submitted after this date will not be accepted.
Do I need proof to file a claim?
Yes, you may need to provide supporting documentation such as receipts or account records.
How do I file my claim?
Visit the official settlement administrator website to submit your claim. Always verify you are on the correct site before entering personal information.
Who is eligible for this settlement?
This settlement is available to eligible consumers in the United States. Check the official settlement notice for detailed eligibility criteria.
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