Published
October 2, 2026
Participants and beneficiaries of the Russelectric Inc. Employee Stock Ownership Plan who received a benefit when the plan terminated will be paid automatically from the Russelectric ESOP’s records under four ERISA class action settlements totaling $14.55 million; there is no claim form to file. Objections are due October 26, 2026, Rollover Forms by November 16, 2026, and the final fairness hearing is set for November 16, 2026.
Current Status
There is no claim form; class members will be paid automatically by check unless they choose a rollover. The court preliminarily approved the final settlement on September 15, 2026, and the final fairness hearing is set for November 16, 2026, at 2:30 p.m. Objections and notices of intent to appear are due October 26, 2026, and Rollover Forms must be submitted by November 16, 2026. The settlements have not received final approval, and no payment date has been announced as of October 2, 2026.Free settlement alerts
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Status
Pending — Automatic Payment
Key Deadline
November 16, 2026
Rollover Form deadline · objections due October 26, 2026 · no opt-out
Estimated Payout
Pro Rata Share of $14.55M
Based on ESOP shares held · about 394 class members
Proof Required
Automatic Payment
No claim form — shares come from the ESOP recordkeeper’s records
What Changed Recently?
The last remaining defendants settled. John H. Russell, Suzanne E. Russell and Lisa J. Russell, individually and as trustees of the Russelectric stockholder and stock proceeds trusts, agreed to pay $5.55 million, and on September 15, 2026 the U.S. District Court for the District of Massachusetts preliminarily approved that settlement and combined it with three earlier ones for a single notice, fund and payout.The case, Bowers, et al. v. Russell, et al., has been pending since March 25, 2022. It claims the defendants violated the Employee Retirement Income Security Act (ERISA) in how they administered the Russelectric ESOP when it was terminated and, for some defendants other than Argent, when Russelectric, Inc. was later sold to Siemens. Dennis J. Long, Denise D. Wyatt and Argent Trust Company each settled before trial. The claims against the Russell Defendants went to a twelve-day bench trial in September and November 2025, and on May 29, 2026 Judge Patti B. Saris ruled that they were liable on certain claims and not liable on others. They settled before the court decided what they owed. All defendants deny the claims, and the settlements are not an admission of fault or liability.
Who Qualifies?
The settlement class, first certified on January 30, 2025, is all participants and beneficiaries of the Russelectric Inc. Employee Stock Ownership Plan who received a benefit when the ESOP terminated. A preliminary review of plan records puts the class at about 394 people.Class members are identified from records supplied by the ESOP’s recordkeeper, and notices were mailed to them. Former participants who have moved since their last plan distribution should update their mailing address through the contact page on the official settlement website.
How Much Can You Get?
The four settlements put $14.55 million into one fund:- $5,550,000 from the Russell Defendants
- $4,500,000 from Argent Trust Company
- $3,000,000 from Denise D. Wyatt
- $1,500,000 from Dennis J. Long
Court-approved deductions come out first. Class counsel will ask for attorneys’ fees of up to one-third of the total ($4,850,000) plus about $1.35 million in litigation costs and administrative expenses, and for service awards of up to $25,000 for each class representative. What remains is the net settlement amount.
Each class member’s share equals the net settlement amount multiplied by their percentage interest: the number of Russelectric shares they held in the ESOP divided by 42,617.824. The settlement administrator calculates each share from the recordkeeper’s data, and its determinations are final. If the court awards everything requested, an OCA estimate puts the net amount near $8.25 million, or roughly $21,000 per class member on average; individual payments will be higher or lower depending on shares held. Everyone receives one payment covering all four settlements.
What Proof or Notice ID Is Required?
None. There is no claim form, and class members do not need to submit anything to be paid. Shares are calculated from the ESOP recordkeeper’s data, and the settlement administrator mails a check to each class member if the settlements are approved.The only optional step is the Rollover Form, for class members who want their payment rolled directly into an IRA or a qualified employer plan instead of receiving a check. The form was enclosed with the mailed notice and is also on the official settlement website.
What Is the Deadline?
There is no claim deadline. The dates that matter are:- October 26, 2026: objections, and notices of intent to speak at the hearing, must be filed with the court and mailed to class counsel and defendants’ counsel.
- November 16, 2026: the Rollover Form deadline listed on the settlement website. The notice asks for the form before the fairness hearing that day, so earlier is safer.
Class members cannot exclude themselves. The class was certified under Federal Rule of Civil Procedure 23(b)(1), so every class member is bound by the settlements if they are approved. An objection must name the case and number, give the class member’s name, address and phone number, say which settlement it concerns and why, include any supporting documents and any attorney’s contact details, and be signed; an objection that does not name a settlement is treated as directed at all four.
How Do You Take Action?
To be paid by check, do nothing beyond keeping the mailing address current with the settlement administrator. To choose a direct rollover to an IRA or employer plan, complete the Rollover Form from the notice or the official Russelectric ESOP Settlement website and submit it by November 16, 2026. Section 6 of the notice and the rollover information at the end of the notice explain the difference between the two options.If a rollover cannot be completed, for example because the form was late or the receiving institution would not accept it, the administrator will try to mail a check instead. Other employee stock ownership plan settlements are covered on the ACCT Holdings ESOP settlement and BNBuilders ESOP settlement pages.
What Happens Next?
Class counsel’s consolidated application for attorneys’ fees, costs, administrative expenses and service awards is due by October 9, 2026, and the motion for final approval is due 14 days before the hearing; both will be posted on the settlement website. Judge Saris will hold the final fairness hearing on November 16, 2026, at 2:30 p.m. in Courtroom 19 of the John Joseph Moakley U.S. Courthouse in Boston. The court may hold it by phone or video or move it, with any change posted on the settlement website. An independent fiduciary, Fiduciary Counselors Inc., also reviews the settlements on behalf of the plan.According to the notice, if the settlements are approved and there are no appeals, payments are likely within about four months of the final approval order. An appeal could delay payment for years. If any one settlement fails, that defendant’s money is returned and the others continue.
Sources and Verification
- Russelectric ESOP Settlement — official settlement website (Important Dates, Long Form Notice and Settlement Documents pages)
- Notice of Class Action Settlements, Russelectric ESOP Litigation — embedded below
- Order Granting Preliminary Approval of the Russell Defendants Settlement and Consolidated Settlement Administration, Dkt. 665 (September 15, 2026), Bowers, et al. v. Russell, et al., No. 1:22-cv-10457-PBS (D. Mass.)
Questions
Will I get four separate payments?
No. All four settlements are paid from one consolidated fund, so each class member receives a single payment covering all of them.
Why can’t I opt out of this settlement?
The class was certified under Federal Rule of Civil Procedure 23(b)(1), which is commonly used for ERISA claims brought on behalf of a retirement plan. That kind of class has no opt-out right. Class members who disagree with the settlements can object by October 26, 2026.
What happens if my rollover cannot be completed?
If a Rollover Form arrives too late, is missing information, or the receiving IRA or plan does not accept the rollover, the settlement administrator will try to mail a check instead.
Did the court find the Russell family liable?
After a twelve-day bench trial, Judge Patti B. Saris ruled on May 29, 2026 that the Russell Defendants were liable on certain claims and not liable on others. The parties settled before the court decided how much the Russell Defendants owed. All defendants deny the claims, and the settlements are not an admission of fault.
What if one of the four settlements is not approved?
Under the court’s September 15, 2026 order, if any one settlement is terminated, not approved, or not approved by the independent fiduciary, that defendant’s contribution is returned and the remaining settlements continue to be enforced.
Official Settlement Notice
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Settlement Amount
$14,550,000
Four settlements, one consolidated fund
Case Title
Bowers, et al. v. Russell, et al.
Case Number
1:22-cv-10457-PBS
Court
U.S. District Court, District of Massachusetts
Final Approval Hearing
November 16, 2026 at 2:30 PM
Courtroom 19, John Joseph Moakley U.S. Courthouse, Boston
Administrator
Atticus Administration LLC
Official Website
Russelectric ESOP Settlement
