Bowers v. Russell

UNITED STATES DISTRICT COURT DISTRICT OF MASSACHUSETTS ___________________________________ ) RITA BOWERS, et al., ) ) Plaintiffs, ) ) v. ) Civil Action ) No. 22-cv-10457-PBS JOHN H. RUSSELL, et al., ) ) Defendants. ) ______________________________ ) MEMORANDUM AND ORDER January 30, 2025 Saris, D.J. INTRODUCTION The employees of Russelectric, Inc. participated in an Employee Stock Ownership Plan (“ESOP” or “Plan”) to receive Company stock as a retirement benefit. When the founder of the Company passed away, the Company’s Board of Directors (“Board”) terminated the ESOP. The ESOP’s stock…