The roughly 394 former Russelectric ESOP participants will receive one payment covering four separate settlements worth $14.55 million combined — and they do not have to file a claim to get it. The last piece fell into place when the Russell family trustees agreed to pay $5.55 million after a federal judge found them liable on some claims following a bench trial. The final fairness hearing is November 16, 2026, which is also the last day to ask for a rollover instead of a check.
Status: Preliminarily approved, pending final approval | No claim form — payment is automatic | Rollover Form by November 16, 2026; objection deadline passed October 26, 2026 | Pro rata share of $14,550,000
A Case That Went to Trial
The case is Bowers, et al. v. Russell, et al., No. 1:22-cv-10457-PBS, in the U.S. District Court for the District of Massachusetts, pending since March 25, 2022. It claims the defendants violated ERISA in how they administered the Russelectric Inc. Employee Stock Ownership Plan when it was terminated and, for defendants other than Argent, when Russelectric, Inc. was later sold to Siemens.
Dennis J. Long, Denise D. Wyatt and Argent Trust Company settled before trial. The claims against John H. Russell, Suzanne E. Russell and Lisa J. Russell, individually and as trustees of the Russelectric stockholder and stock proceeds trusts, went to a twelve-day bench trial in September and November 2025. On May 29, 2026, Judge Patti B. Saris ruled that the Russell Defendants 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.
On September 15, 2026, the court preliminarily approved the Russell settlement and combined it with the three earlier ones into a single notice, fund and payout.
Four Contributions, One Fund
| Russell Defendants | $5,550,000 |
| Argent Trust Company | $4,500,000 |
| Denise D. Wyatt | $3,000,000 |
| Dennis J. Long | $1,500,000 |
| Total | $14,550,000 |
Class counsel will ask for attorneys’ fees of up to one-third of the total ($4,850,000), about $1.35 million in litigation costs and administrative expenses, and service awards of up to $25,000 for each class representative. If any one settlement is terminated, not approved by the court, or not approved by the independent fiduciary, that defendant’s money is returned and the others continue.
The Share Formula
Each class member’s payment 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 ESOP recordkeeper’s data, and its determinations are final.
If the court grants everything requested, OpenClassActions.com estimates the net amount near $8.25 million, or roughly $21,000 per class member on average. That is an estimate, not a figure in the settlement papers, and individual payments in the Russelectric ESOP settlement will be higher or lower depending on shares held.
Who Is in the Class
The class, first certified on January 30, 2025, is all participants and beneficiaries of the Russelectric ESOP who received a benefit when the ESOP terminated. A preliminary review of plan records puts it at about 394 people. Members are identified from the recordkeeper’s records and were mailed notices. The class was certified under Federal Rule of Civil Procedure 23(b)(1), so no one can opt out, and every member is bound if the settlements are approved.
Check by Default, Rollover by Request
To be paid by check, keep your mailing address current with the administrator through the contact page of the official settlement website; former participants who have moved since their last plan distribution should do this now. To have the money rolled directly into an IRA or a qualified employer plan, complete the Rollover Form that came with the notice, also posted on the official website.
The website lists November 16, 2026 as the Rollover Form deadline, but the notice asks for the form before the fairness hearing that day, so sending it earlier is safer. If a rollover cannot be completed — the form is late or incomplete, or the receiving institution will not accept it — the administrator will try to mail a check instead. Section 6 of the notice and the rollover information at its end explain the difference between the two options.
Dates
| October 26, 2026 (passed) | Objections and notices of intent to speak at the hearing. |
| November 16, 2026 | Rollover Form deadline listed on the settlement website. |
| November 16, 2026, 2:30 p.m. | Final fairness hearing before Judge Saris, Courtroom 19, John Joseph Moakley U.S. Courthouse, Boston. |
Class counsel’s fee application was due October 9, 2026 and the final approval motion 14 days before the hearing; both are posted on the settlement website. The court may hold the hearing by phone or video or move it, with changes posted online. An independent fiduciary, Fiduciary Counselors Inc., also reviews the settlements on the plan’s behalf.
When Payments Could Arrive
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. No payment date had been announced as of October 2, 2026. The notice, documents and important dates are on the official Russelectric ESOP settlement website, and our sister site updates its Russelectric ESOP settlement page after the hearing.
Frequently Asked Questions
Do I have to file a claim in the Russelectric ESOP settlement?
No. There is no claim form. Shares are calculated from the ESOP recordkeeper’s data, and the administrator mails a check to each class member if the settlements are approved.
Will I get four separate payments?
No. All four settlements are paid from one consolidated fund, so each class member receives a single payment.
How is my share calculated?
Your share is the net settlement amount multiplied by the number of Russelectric shares you held in the ESOP divided by 42,617.824.
How do I choose a rollover?
Return the Rollover Form from your notice or the official settlement website by November 16, 2026. The notice asks for it before the hearing that day, so earlier is safer. If the rollover cannot be completed, the administrator will try to mail a check.
Can I opt out or still object?
No one can opt out because the class was certified under Rule 23(b)(1). The deadline to object was October 26, 2026.
Did the court find the Russell family liable?
After a twelve-day bench trial, Judge Saris ruled on May 29, 2026 that the Russell Defendants were liable on certain claims and not liable on others. They settled before damages were decided and deny the claims.
Sources
- Official settlement website, Important Dates, Long Form Notice and Settlement Documents — RusselectricESOPSettlement.com.
- Notice of Class Action Settlements, Russelectric ESOP Litigation.
- 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.).
- OpenClassActions.com — Russelectric ESOP Settlement.
Source and credit: the settlement terms, deadlines and benefit details described above are drawn from our sister site’s reporting — OpenClassActions.com: Russelectric ESOP ERISA Settlement — which tracks this case against the court-approved notice and the official settlement website and is updated as the court rules.
Legal Disclaimer
This article is for informational purposes only and is not legal advice. OpenClassActions.org is a consumer news site, not a law firm and not the settlement administrator, and is not affiliated with any party to the case described. The allegations are allegations; unless a court has ruled, the defendants deny wrongdoing and no court has decided the merits. Deadlines, benefit amounts and payment timing can change as the court and the administrator act, so confirm current status on the official settlement website. You never need to pay anyone to file a claim or to receive a settlement payment.