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Employment Erisa Retirement Automatic Payment

Russelectric ESOP ERISA Settlement

Settlement Amount
$14,550,000
Claim Deadline
November 16, 2026
Total Fund
$14,550,000

About 394 former Russelectric ESOP participants and beneficiaries, paid automatically. Four separate ERISA settlements in Bowers, et al. v. Russell, et al. have been pooled into a single $14,550,000 fund for participants and beneficiaries of the Russelectric Inc. Employee Stock Ownership Plan who received a benefit when that plan terminated. All defendants deny the claims. Five things about this settlement are unusual, and you should know all five before reading further. First, this is one of the smallest classes you will ever see: approximately 394 people. Members were identified from the ESOP recordkeeper's own records before notice was mailed, and there is no way for anyone else to join. Having worked at Russelectric is not enough - you must actually have received a benefit at the termination of the ESOP. This is not a Siemens settlement, and buying Russelectric or Siemens equipment does not qualify you. Second, there is no claim form and no claim deadline. The November 16, 2026 date on this page is the Rollover Form date and the Fairness Hearing date - missing it does not stop you being paid. A separate October 26, 2026 deadline applies only if you want to object. Third, the four settlements are cumulative, not a choice. $5,550,000 from the Russell Defendants, $4,500,000 from Argent, $3,000,000 from Wyatt and $1,500,000 from Long all add into one fund, and the Notice says you receive one payment covering all four, not four payments. Fourth, you cannot opt out. The class was certified under Rule 23(b)(1), a mandatory non-opt-out class, so every member is bound by the releases if the Court approves - objecting is the only way to push back. Fifth, the one-third cap covers the lawyers' fees only, not every deduction. Fees of up to $4,850,000, roughly $1.35 million in costs and administrative expenses, up to $25,000 for each of the four class representatives, and reimbursements to the settling defendants all come out of the same $14.55 million. If the Court awarded everything requested, about $8.25 million would remain - an average near $21,000 per member, which is our arithmetic, not a settlement figure. Individual shares are set by ESOP shares held, divided by 42,617.824, and will vary widely. The settlements are not yet final: Judge Patti B. Saris hears final approval on November 16, 2026, and payment is likely about four months after that if there are no appeals.

Do I Qualify?

You may be eligible if:

There is no claim form in this settlement and nothing you have to submit to be paid. What the Notice requires of you: nothing. Your share is calculated from the Russelectric ESOP recordkeeper's own data - specifically the number of Russelectric shares you held in the ESOP, divided by 42,617.824. There is no form to file, no receipts to gather, no Notice ID to enter and no portal to log into. Eligibility and amounts were determined from plan records before the Notice was ever mailed. How to tell whether you were identified. Notices were mailed to the approximately 394 class members found in those records. If you believe you qualify and no notice reached you, contact the Settlement Administrator, Atticus Administration, at 1-800-971-2054 or through the Contact Us page at www.RusselectricESOPSettlement.com. The only paperwork in this settlement is optional. The Rollover Form is for class members who want their share sent as a direct rollover into an IRA or qualified employer plan rather than arriving as a check. It was enclosed with the mailed notice, is available on the settlement website, and can be requested by phone. The Notice says it should be submitted prior to the date set for the Fairness Hearing, November 16, 2026, so earlier is safer. Skipping it costs you nothing but the tax treatment: you simply get a check instead, subject to automatic withholding and reporting. If a rollover does not go through, you are still paid. The Notice says that if the form arrives too late, is missing information, or the institution you designated will not accept the rollover, the Administrator will attempt to mail you a check. The one thing that can actually cost you money. Checks go out by mail, so keep your mailing address current with the Settlement Administrator or with Class Counsel. This matters most for former participants who have moved since their last plan distribution.

What Happened?

Bowers, et al. v. Russell, et al., Case No. 1:22-cv-10457-PBS, has been pending in the U.S. District Court for the District of Massachusetts since March 25, 2022, before Judge Patti B. Saris. The Class Representatives are Rita Bowers, Michele Gear-Cole, Florence Lorenzano and Reginald Tercy, all former participants in the Russelectric ESOP

The Class Representatives claim the defendants improperly administered and managed the Russelectric ESOP at its termination, in violation of the Employee Retirement Income Security Act. They also claim that several years after the termination, certain defendants - not including Argent - improperly administered the ESOP at the time Russelectric was sold to Siemens

Defendants deny all claims and assert they always acted prudently and in the best interests of Russelectric ESOP participants and beneficiaries. Nothing in the settlements is an admission or concession of fault, liability, wrongdoing or damages

The Court certified the Settlement Class on January 30, 2025 under Federal Rule of Civil Procedure 23(b)(1), which is commonly used for ERISA claims brought on a plan's behalf and which carries no right to opt out

Defendants Denise D. Wyatt, Dennis J. Long and Argent Trust Company each settled shortly before trial. The claims against the Russell Defendants - 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, the Court ruled in favor of the Class Representatives on some claims and in favor of the Russell Defendants on other claims. The parties then settled before the Court determined the amount the Russell Defendants owed

The Russell Defendants agreed to pay $5,550,000 under a settlement agreement dated August 27, 2026. On September 15, 2026, the Court preliminarily approved that settlement and ordered consolidated settlement administration, combining it with the three earlier settlements into a single notice, a single Qualified Settlement Fund and a single payout (Dkt. 665)

The combined fund is $14,550,000: $5,550,000 from the Russell Defendants, $4,500,000 from Argent Trust Company, $3,000,000 from Wyatt and $1,500,000 from Long. The Net Settlement Amount is that total minus Court-approved deductions for Attorneys' Fees and Costs, Administrative Expenses and Service Awards

Attorneys' Fees will not exceed one-third of the aggregate Gross Settlement Amount, meaning up to $4,850,000. Separately and outside that cap, Class Counsel will seek all litigation costs advanced plus Administrative Expenses of approximately $1.35 million, and Service Awards of up to $25,000 for each Class Representative ($5,000 each for the Wyatt, Long and Argent settlements and $10,000 for the Russell Defendants settlement). Each Settling Defendant will also be reimbursed for Administrative Expenses it incurred. All of that is paid from the same Qualified Settlement Fund. The applications are due October 9, 2026

The Plan of Allocation divides the Net Settlement Amount pro rata: each class member's Entitlement Amount is their percentage interest - their shares of Russelectric stock in the ESOP divided by 42,617.824 - multiplied by the Net Settlement Amount. Because all four settlements are administered together from one fund, each class member receives one payment covering all four. The full Plan of Allocation is in Article V of the settlement agreements, posted on the settlement website

Fiduciary Counselors Inc. serves as independent fiduciary and reviews the settlements on the plan's behalf. Atticus Administration LLC is the Settlement Administrator, reachable at 1-800-971-2054 or Russelectric ESOP Settlement, c/o Atticus Administration, PO Box 64053, St. Paul, MN 55164

The Fairness Hearing is set for November 16, 2026 at 2:30 pm in Courtroom 19, 7th Floor, John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Suite 2300, Boston, Massachusetts 02210. The Court may reschedule it or hold it by video or telephone, with notice posted on the settlement website. Under the 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

How to File Your Claim

  1. THERE IS NOTHING TO FILE, AND THERE IS NO CLAIM DEADLINE. Read that first, because it is the opposite of almost every other settlement page you will read today. The court-approved Notice states that you do not need to do anything to receive a check. Shares are calculated from the ESOP recordkeeper's data, and if the Court grants final approval the Settlement Administrator mails you a check. WHAT THE NOVEMBER 16, 2026 DATE ON THIS PAGE ACTUALLY IS. It is the Rollover Form date, and it is also the date of the Fairness Hearing. It is NOT a claim deadline, and missing it does not stop you from being paid. The Notice says Rollover Forms should be submitted prior to the date set for the Fairness Hearing, so treat November 16, 2026 as an outside limit and send it earlier. STEP ONE - KEEP YOUR MAILING ADDRESS CURRENT WITH THE SETTLEMENT ADMINISTRATOR. This is the one piece of housekeeping that can actually cost you money, and it matters most for former participants who have moved since their last plan distribution. Use the Contact Us page at www.RusselectricESOPSettlement.com, call the Settlement Administrator at 1-800-971-2054, or write to Russelectric ESOP Settlement, c/o Atticus Administration, PO Box 64053, St. Paul, MN 55164. You may also notify Class Counsel. STEP TWO - DECIDE HOW YOU WANT THE SAME MONEY DELIVERED. Doing nothing gets you a check, which is subject to automatic tax withholding and tax reporting as determined by the Settlement Administrator. Submitting the Rollover Form instead sends your share as a direct rollover into an IRA or qualified employer plan, which is not subject to automatic withholding. The dollar amount is identical on both routes
  2. only delivery and tax treatment differ. The Rollover Form came with your mailed notice and is also on the settlement website, or call 1-800-971-2054. Section 6 and the rollover information on page 12 of the Notice explain the difference. STEP THREE - IF A ROLLOVER FAILS, YOU STILL GET PAID. The Notice says that if your Rollover Form is submitted too late, the information you gave is insufficient, or the institution you named will not accept the rollover, the Administrator will attempt to mail you a check instead, subject to the usual withholding and reporting. STEP FOUR - IF YOU DISAGREE WITH THE DEAL ITSELF, OBJECT BY OCTOBER 26, 2026. Objections to any of the four settlements, or to the requested Attorneys' Fees and Costs, Administrative Expenses or Service Awards, must be filed with the Clerk of Court and mailed to Class Counsel and Defendants' counsel at the addresses in Item 11 of the Notice, postmarked no later than October 26, 2026. An objection must name the case and number, give your name, address and phone number, identify 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 particular settlement is treated as directed at all four. The Notice says a web portal for filing is also available. STEP FIVE - UNDERSTAND THAT YOU CANNOT EXCLUDE YOURSELF. The class was certified under Rule 23(b)(1), so there is no opt-out. You cannot keep your own right to sue over these claims. To attend and speak at the Fairness Hearing on November 16, 2026 at 2:30 pm, you must send notice of your intent to appear, postmarked by October 26, 2026. WHAT HAPPENS IF YOU DO NOTHING: you are paid by check, assuming the Court approves the settlements. Doing nothing is the intended path here.
  3. Visit the official claim form: https://www.RusselectricESOPSettlement.com/

How Much Will I Actually Get?

ONE PAYMENT, ONE FORMULA, FOUR SETTLEMENTS POOLED TOGETHER. There is no tier to pick and no menu. THE FOUR SETTLEMENTS ARE CUMULATIVE, NOT ALTERNATIVES. The Notice states that a single Qualified Settlement Fund of $14,550,000 is established, made up of $5,550,000 from the Russell Defendants, $4,500,000 from Argent Trust Company, $3,000,000 from Denise D. Wyatt and $1,500,000 from Dennis J. Long. Those four amounts add together into one pot. You are not asked to pick between them and you are not paid four times: the Notice says in terms that because all four settlements are administered together from a single fund, you will receive one payment covering all four settlements, not four separate payments. THE FORMULA. Your share, called your Entitlement Amount, is your percentage interest multiplied by the Net Settlement Amount. Your percentage interest is your shares of Russelectric stock in the ESOP divided by 42,617.824. That divisor is fixed, so your share is set by the shares you held, and nothing you do or fail to do changes it. THE ONE-THIRD CAP COVERS THE LAWYERS' FEES ONLY - NOT EVERYTHING COMING OUT OF THE FUND. This is the number most likely to be misread. Class Counsel will ask for Attorneys' Fees that will not exceed one-third of the aggregate Gross Settlement Amount, meaning up to $4,850,000. That cap applies to the fee request and nothing else. On top of it and outside it, from the same $14,550,000, Class Counsel will also seek all litigation costs advanced plus Administrative Expenses, which the Notice puts at approximately $1.35 million; Service Awards of up to $25,000 for EACH Class Representative, made up of $5,000 each for the Wyatt, Long and Argent settlements and $10,000 for the Russell Defendants settlement; and the Notice adds that each Settling Defendant will be reimbursed for Administrative Expenses it incurred. The four Class Representatives are Rita Bowers, Michele Gear-Cole, Florence Lorenzano and Reginald Tercy. The Court may award less than requested, and the full fee application is due October 9, 2026 and will be posted on the settlement website. SO THE $14.55 MILLION HEADLINE IS NOT THE CLASS POT. If the Court awarded everything requested - the full $4,850,000 in fees, about $1.35 million in costs and administrative expenses, and $25,000 for each of the four Class Representatives - roughly $8.25 million would remain as the Net Settlement Amount. Spread across the approximately 394 class members, that averages near $21,000 each. THAT NET FIGURE AND THAT AVERAGE ARE OUR OWN ARITHMETIC FROM THE NOTICE'S NUMBERS, NOT FIGURES PUBLISHED BY THE SETTLEMENT. Neither the Notice nor the Plan of Allocation publishes any projected net amount or any projected per-person payment. INDIVIDUAL AMOUNTS WILL VARY ENORMOUSLY. The formula runs entirely on how many ESOP shares you held, so a long-tenured participant with a large share balance and a short-tenured one are in the same class with very different numbers. Your payment will be higher or lower than any average, and it also moves with whatever the Court finally awards in fees, costs and service awards. DELIVERY DOES NOT CHANGE THE AMOUNT. A check is subject to automatic tax withholding and reporting; a direct rollover into an IRA or qualified employer plan is not. The underlying share is the same either way. NOTHING IS PAID UNTIL THE SETTLEMENTS ARE FINAL, AND THEY ARE NOT YET. The Court granted preliminary approval of the Russell Defendants settlement and consolidated administration on September 15, 2026. Judge Patti B. Saris will hold the Fairness Hearing on November 16, 2026 at 2:30 pm in Courtroom 19 of the John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Boston, and any change to that hearing will be posted on the settlement website. An independent fiduciary, Fiduciary Counselors Inc., also reviews the settlements on the plan's behalf. The Notice says that if the settlements are approved and there are no appeals, distribution likely will occur within approximately four months of the final approval order - but it also warns that an appeal of that order may take several years. No payment date has been announced. IF ONE OF THE FOUR SETTLEMENTS FAILS, THE OTHER THREE SURVIVE. Under the Court's September 15, 2026 order, if any one settlement is terminated or not approved, that defendant's contribution is returned and the remaining settlements continue to be enforced. The fund would then be smaller than $14,550,000.

Last reviewed: October 2, 2026 | Information verified from court records and official settlement documents.

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Frequently Asked Questions

Do I have to file a claim, and what is the November 16, 2026 deadline actually for?
You do not have to file anything. There is no claim form in this settlement and no claim deadline at all. The court-approved Notice says you do not need to do anything to receive a check, because your share is calculated from the ESOP recordkeeper's data. The November 16, 2026 date on this page is two things at once: it is the date of the Fairness Hearing, and it is the outside date for the optional Rollover Form, which the Notice says should be submitted prior to the date set for that hearing. Missing it does not stop an identified class member from being paid - it only means your money arrives as a check rather than as a direct rollover. A separate October 26, 2026 deadline applies only if you want to object to the settlements or to the requested fees, expenses and service awards, or to speak at the hearing.
I worked at Russelectric. Does that mean I qualify?
Not by itself, and this is the exclusion that will disappoint the most people who find this page. The certified class is all participants and beneficiaries of the Russelectric ESOP who received a benefit when the Russelectric ESOP terminated. Both halves are required. An employee who was never an ESOP participant is outside the class, and so is a participant who received no benefit when the plan terminated. Anyone who joined Russelectric after the ESOP had already terminated is outside it too, because the class turns on that single past event. The Notice puts the class at approximately 394 people identified from plan records, and because there is no claim form there is no route by which anyone else can join.
Will I get four separate payments from the four settlements?
No - but you do get the benefit of all four. The four settlements are cumulative, not alternatives you pick between. $5,550,000 from the Russell Defendants, $4,500,000 from Argent Trust Company, $3,000,000 from Denise D. Wyatt and $1,500,000 from Dennis J. Long all add together into a single $14,550,000 Qualified Settlement Fund. The Notice states that because all four settlements are being administered together from that single fund, you will receive one payment covering all four settlements, not four separate payments.
Is the one-third cap a cap on everything coming out of the fund?
No. It caps the attorneys' fee request only. Class Counsel will ask for Attorneys' Fees that will not exceed one-third of the aggregate Gross Settlement Amount, meaning up to $4,850,000. Outside and on top of that cap, and out of the same $14,550,000, Class Counsel will also seek all litigation costs advanced plus Administrative Expenses that the Notice puts at approximately $1.35 million, and Service Awards of up to $25,000 for each Class Representative - $5,000 each for the Wyatt, Long and Argent settlements plus $10,000 for the Russell Defendants settlement. The Notice adds that each Settling Defendant will also be reimbursed for Administrative Expenses it incurred, again from the fund. The Court may award less than requested, and the full applications are due October 9, 2026.
How much will I actually get? I keep seeing $14.55 million and about $21,000.
Neither number is your payment. The $14,550,000 is the whole fund, and fees, costs, administrative expenses and service awards come out of it first. The roughly $8.25 million net and the roughly $21,000 average are our own arithmetic from the Notice's figures, not published settlement numbers: if the Court awarded everything requested, about $8.25 million would remain, and spread across approximately 394 class members that averages near $21,000. Neither the Notice nor the Plan of Allocation publishes any projected net amount or per-person payment. Your actual share is your percentage interest - your shares of Russelectric stock in the ESOP divided by 42,617.824 - multiplied by the Net Settlement Amount. That varies enormously with how many shares you held, and it also moves with whatever the Court finally awards in fees, costs and service awards.
Can I opt out and sue on my own?
No. The Court certified this class under Federal Rule of Civil Procedure 23(b)(1), which is commonly used for ERISA claims brought on behalf of a retirement plan and which carries no right of exclusion. As a Settlement Class Member you are bound by all four settlements and their releases if the Court grants final approval. You cannot keep your own right to sue over these claims. The only way to tell the Court you disagree is to file an objection, postmarked no later than October 26, 2026, with the Clerk of Court and mailed to Class Counsel and Defendants' counsel. An objection must name the case and number, give your 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 particular settlement is treated as directed at all four.
Is this a Siemens settlement? I bought Russelectric equipment.
No on both counts. Russelectric was sold to Siemens several years after the ESOP terminated, and part of the lawsuit does concern how certain defendants - not including Argent - handled the ESOP at the time of that sale. But that does not widen the class. Siemens employees generally, Siemens shareholders, and customers who bought Russelectric or Siemens switchgear, generators or any other equipment are not class members. This is an ERISA retirement-plan case about an employee stock ownership plan, not a product, warranty, consumer or stock-purchase case. The only people in the class are participants and beneficiaries of the Russelectric ESOP who received a benefit when that plan terminated.
Should I take the check or the rollover?
That is a tax question, not a money question, because the dollar amount is identical either way. Doing nothing gets you a check, which the Notice says is subject to automatic tax withholding and tax reporting as determined by the Settlement Administrator - and it warns that the amount withheld may not cover all the tax you owe, leaving the rest your responsibility. Submitting the Rollover Form instead sends your share as a direct rollover into an IRA or qualified employer plan, which is not subject to automatic withholding. Section 6 of the Notice and the rollover information on page 12 explain the difference. Neither Russelectric nor its successors, employees, attorneys or representatives may advise you on which to choose. If a rollover cannot be completed for any reason, the Administrator will attempt to mail you a check instead.
Did the court find the Russell family liable?
Partly. After a twelve-day bench trial in September and November 2025, Judge Patti B. Saris ruled on May 29, 2026 in favor of the Class Representatives on some claims and in favor of the Russell Defendants on other claims. The parties then settled before the Court determined how much the Russell Defendants owed. The three other defendants - Wyatt, Long and Argent Trust Company - had each settled shortly before trial. All defendants deny the claims, and the Notice states that nothing in the settlements is an admission or concession of fault, liability, wrongdoing or damages.
When would the money actually arrive, and can this still fall through?
No payment date has been announced, and yes, it can still change. The settlements do not have final approval. Judge Saris will hold the Fairness Hearing on November 16, 2026 at 2:30 pm in Courtroom 19 of the John Joseph Moakley U.S. Courthouse in Boston, and the Court may reschedule it or hold it by video or telephone, with any change posted on the settlement website. An independent fiduciary, Fiduciary Counselors Inc., also has to review the settlements on the plan's behalf. The Notice says that if the settlements are approved and there are no appeals, distribution likely will occur within approximately four months of the final approval order - but it also warns that an appeal of that order may take several years. Separately, under the Court's September 15, 2026 order, if any one of the four settlements 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, leaving a smaller fund.

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