An $8.7 million class settlement benefiting employees of World Travel Inc. received preliminary court approval, paving the way for the resolution of claims challenging the company’s transition to employee ownership through a stock plan.
The settlement is set to provide an average gross payout of nearly $12,000 to 728 people with World Travel employee stock ownership plan accounts. It resolved allegations against stock plan trustee Prudent Fiduciary Services LLC, the founder of Prudent, and the former president of World Travel.
Judge Harvey Bartle III gave preliminary approval to the deal in an order docketed Tuesday. He also set June 12 as fair…
