KPC Healthcare Holdings Inc. will pay $5 million to exit a lawsuit challenging a 2015 transaction in which the company became employee-owned through an employee stock ownership plan, according to a partial settlement motion filed in California federal court.
The deal, announced Monday in the US District Court for the Central District of California, resolves allegations against KPC, its employee stock ownership plan committee, and certain corporate directors stemming from the plan’s purchase of all KPC stock for $227 million—allegedly significantly more than the company’s true value. It represents a payment of about $1,250 for each class member, according to ...
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