Russelectric $14.55 Million ESOP Class Action Settlement, Check If You Qualify — Bowers, et al., v. Russell, et al., No. 1:22-cv-10457-PBS

If you got a benefit when the Russelectric ESOP terminated in 2016, you may be owed a share of a $14,550,000 fund in Bowers v. Russell, No. 1:22-cv-10457-PBS. About 394 people are in the class. There’s no claim form, and a check arrives automatically once the court approves the deal. But if you’d rather roll it into an IRA, submit your Rollover Form before the November 16, 2026 hearing.

Russelectric ESOP Class Action Settlement — Key Facts

Detail	Information
Settlement Amount	$14,550,000 gross, before court-approved fees, costs, expenses and service awards
Claim Deadline	None. No claim form. The optional Rollover Form is due before the November 16, 2026 hearing
Who Qualifies	Participants and beneficiaries of the Russelectric ESOP who received a benefit when it terminated (about 394 people)
Estimated Payout	UNVERIFIED — the notice gives no per-person amount. See the math below
Proof Required	No
Settlement Status	Awaiting final approval. Fairness Hearing November 16, 2026, 2:30 p.m.
Court & Case Number	U.S. District Court, District of Massachusetts, Bowers, et al., v. Russell, et al., No. 1:22-cv-10457-PBS
Law Alleged	Employee Retirement Income Security Act of 1974 (ERISA)
Administrator	Atticus Administration
Official Claim Site	RusselectricESOPSettlement.com (no claim to file; rollover form and documents)
Last Updated	October 1, 2026

Who Is Being Sued Over the Russelectric ESOP?

Russelectric Inc. had an employee stock ownership plan, or ESOP, that ended effective June 30, 2016. But the company isn’t the defendant. The defendants are John H. Russell, Suzanne E. Russell and Lisa J. Russell (individually and as trustees), former board members Dennis J. Long and Denise D. Wyatt, and Argent Trust Company, a former ESOP trustee, so if you were in that plan, this case is about you.

What Are the Russelectric ESOP Defendants Accused of Doing, and When?

Class representatives say the defendants improperly managed the ESOP when it terminated, and that some of them (not Argent) improperly administered it again when Russelectric was sold to Siemens several years later. Both claims fall under ERISA. That’s the federal law setting minimum standards for most private-sector retirement plans.

The plan ended effective June 30, 2016. Per the Long settlement agreement, Russelectric redeemed shares from the ESOP in a deal that closed November 30, 2016, with a clawback provision for possible later payments to class members.

Defendants deny all claims. They say they “always acted prudently and in the best interests of” participants, according to the settlement website’s FAQ.

After a twelve-day bench trial in September and November 2025, Judge Patti B. Saris ruled on May 29, 2026 that the Russell defendants were liable on some claims and not others. Then they settled. Honestly, that’s the detail worth flagging: the judge never set a dollar amount, so $14,550,000 is a negotiated number, not a court award.

Who Qualifies for the Russelectric ESOP Settlement?

Wondering “do I qualify for the Russelectric settlement?” Here’s exactly how to know if this class action settlement eligibility question applies to you.

• Participants in the Russelectric ESOP who received a benefit when the plan terminated
• Beneficiaries whose interest came through a participant who has died
• Alternate payees named in a qualified domestic relations order, who are paid under that order
• Not covered: anyone who didn’t receive a benefit when the plan terminated

Were you in the Russelectric ESOP when it ended in 2016? Then check your mailbox, because a notice should have found you.

Russelectric ESOP Class Members Outside Massachusetts — Are You Still Covered?

Yes. This is a federal ERISA case in the District of Massachusetts, and the class is defined by plan membership, not by where you live. It’s also a mandatory class, so you can’t opt out.

Not sure if you qualify for the Russelectric ESOP settlement? A free legal consultation with an ERISA attorney can help before the October 26, 2026 objection deadline.

How Much Can Russelectric ESOP Class Members Get? Your Share of $14,550,000

Nobody gets a flat amount. Your payment equals the net settlement amount multiplied by your percentage interest, which is your Russelectric shares in the ESOP divided by 42,617.824. More shares, bigger check. Pro rata shows up in other settlements too, like the one we broke down in Equifax Credit Reporting Error Settlement, Check If You Qualify.

Payment comes as a direct rollover to an IRA or employer plan, or as a mailed check. Rollovers aren’t subject to automatic withholding, but checks are.

The Russelectric Settlement Math: What’s Left After Fees

Start with $14,550,000. Class Counsel can ask for up to $4,850,000 in fees (exactly one-third), about $1,350,000 in costs and administrative expenses, and up to $25,000 in service awards. If the court grants every dollar, roughly $8,325,000 is left.

That’s our arithmetic, not the administrator’s. Spread over 42,617.824 shares, it works out to roughly $195.34 per share, or about $21,129 per person if split evenly among 394 class members, and the court decides what’s approved.

Fees, costs and awards could take roughly $6,225,000 of the $14,550,000. That’s about 43 cents of every dollar before anyone’s check is cut.

How to Get Your Russelectric ESOP Settlement Payment — Step by Step

1. Want a check? Do nothing. The Settlement Administrator mails your share after final approval.
2. Keep your address current by calling 1-800-971-2054 or writing Russelectric ESOP Settlement, c/o Atticus Administration, PO Box 64053, St. Paul, MN 55164.
3. Prefer a rollover? Get the Rollover Form at RusselectricESOPSettlement.com or by phone, and open the IRA or employer-plan account first.
4. Submit the completed form before the November 16, 2026 hearing. If the rollover fails, a check is mailed instead.
5. Mark the dates: fee applications by October 9, objections by October 26, hearing November 16 at 2:30 p.m., Courtroom 19, Boston.

Nobody’s going to chase you for a rollover form. You have 46 days to send it, or the check comes by mail.

Should Russelectric ESOP Class Members Opt Out or Object Before October 26, 2026?

⚠️ 25 days left to object. The deadline is October 26, 2026.

What Opting Out of the Russelectric ESOP Settlement Actually Means

You can’t opt out. The class was certified under Rule 23(b)(1), so every class member is bound if the court gives final approval.

How to Object to the Russelectric ESOP Settlement

You stay in the class and tell the court you disagree. Your written objection must name the case and number, give your name, address and phone, say which settlement you object to and why, attach support, list any lawyer, and carry your signature. File it with the Clerk, John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Suite 2300, Boston, MA 02210, and mail copies to Class Counsel and defense counsel, all postmarked by October 26, 2026.

Talk to a class action lawsuit attorney before October 26, 2026 if you’re considering objecting. That’s 25 days from today, and a late objection won’t be considered.

Russelectric ESOP Settlement — Key Dates, 2026

Milestone	Date
ESOP Terminated	Effective June 30, 2016
Redemption Transaction Closed	November 30, 2016
Sale to Siemens	UNVERIFIED — notice says “several years” after termination, no date given
Lawsuit Filed	March 25, 2022
Class Certified	January 30, 2025
Earlier Settlements Signed	Wyatt August 5, 2025; Argent August 19, 2025; Long September 4, 2025
Trial	September and November 2025
Liability Ruling	May 29, 2026
Russell Defendants Settlement Signed	August 27, 2026
Claims Period Opens	N/A — no claim form. Notice mailing date UNVERIFIED
Claim Filing Deadline	N/A — Rollover Form due before November 16, 2026
Opt-Out Deadline	None. Opting out isn’t allowed
Fee Applications Due	On or before October 9, 2026
Objection Deadline	October 26, 2026
Final Approval Hearing	November 16, 2026, 2:30 p.m.
Expected Payment Date	Likely about four months after final approval if no appeal; an appeal could take several years

Russelectric ESOP Class Action Settlement — Frequently Asked Questions, No. 1:22-cv-10457-PBS

Do I need a lawyer to get my Russelectric ESOP settlement payment?

 No. Court-appointed Class Counsel (Engstrom Lee, Block & Leviton, Morgan & Morgan, and Wenzel Fenton Cabassa) already represent the class. Fees come out of the $14,550,000 fund if the court approves them.

Is the Russelectric ESOP settlement legitimate?

 Yes. The administrator is Atticus Administration, the official site is RusselectricESOPSettlement.com, and Judge Patti B. Saris holds the Fairness Hearing November 16, 2026 in Boston.

When will Russelectric settlement payments be sent? 

Only after final approval. If the court approves and nobody appeals, the notice says payments likely go out within about four months of the order. An appeal of final approval could take several years.

What if I missed the Russelectric deadline?

 If you miss the rollover date, you get a check instead, with automatic tax withholding. A late objection won’t be considered.

Will my Russelectric settlement payment go on a 1099?

 The notice says checks are subject to automatic tax withholding and tax reporting, as the administrator determines. Rollovers aren’t subject to automatic withholding. Check with a tax professional.

How much will I get from the Russelectric settlement?

 No per-person figure has been announced. Your share is your shares divided by 42,617.824, times what’s left of $14,550,000 after fees and costs. By our math, about $8,325,000 remains if every request is approved.

Do I qualify for the Russelectric ESOP settlement?

 Yes, if you were a participant or beneficiary of the Russelectric ESOP and received a benefit when it terminated. Preliminary review of plan records shows about 394 class members.

Sources Used in This Russelectric ESOP Settlement Article

• Atticus Administration (Settlement Administrator) — Notice of Class Action Settlements in Russelectric ESOP Litigation (Long Form Notice), posted September 2026: https://www.russelectricesopsettlement.com/wp-content/uploads/2026/09/LongFormNotice.pdf
• Russelectric ESOP Settlement website — Frequently Asked Questions, modified September 25, 2026: https://www.russelectricesopsettlement.com/faqs-2/
• Russelectric ESOP Settlement website — Home page, modified September 25, 2026: https://www.russelectricesopsettlement.com/
• U.S. District Court, D. Mass. — Class Action Settlement Agreement with Dennis J. Long, Doc. 560-1, filed September 4, 2025: https://www.russelectricesopsettlement.com/wp-content/uploads/2026/09/6388_Bowers-v-Russell_Settlement-Agreement.pdf

Researched and written by Israr Ahmad, legal content researcher and founder of AllAboutLawyer.com. All facts verified against the Long Form Notice, the settlement website, and the Long Settlement Agreement (Doc. 560-1), as of October 1, 2026. Last Updated: October 1, 2026.

This article is for informational purposes only and does not constitute legal advice. Laws vary by state and individual circumstances differ. For advice about your specific situation, consult a qualified attorney.