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Case ID: 3439 | Stocks | 06/01/2004
The parties have reached a tentative $21 million settlement in a class action filed against the Morrison Knudsen Savings Plan, the Morrison Knudsen Corporation Employee Stock Ownership Plan, other various corporate defendants, and 29 individual defendants on behalf of all current and former participants of the Savings Plan who held shares of Morrison Knudsen stock in their savings plan accounts on or after July 19, 1994, and all individuals who were participants of the Morrison Knudsen Employee Stock Ownership Plan on or after July 19, 1994. The settlement notice does not indicate a claims deadline— persons eligible to take part in the settlement should contact the attorneys for the class for more information.
The action alleges that twenty-nine named defendants breached fiduciary duties allegedly owed to the Morrison Knudsen Savings Plan and the former MK Employee Stock Ownership Plan participants under the Employee Retirement Income Security Act of 1974, with respect to the prudence of investment in shares of MK stock held in the Plans on and after July 19, 1994. The action alleges that these defendants are liable for losses incurred in the ESOP and Savings Plan participants’ accounts by continuing to offer MK stock as an investment option to Savings Plan participants and as the investment vehicle of the ESOP on and after July 19, 1994, when it was allegedly not prudent to do so. Although the exact amounts to be distributed to individual class members cannot be accurately determined until all fees and expenses have been fixed, the method for calculating the settlement amount to be awarded to each class member has been determined. After payment from the settlement fund of all costs and fees as the court may allow, the settlement fund will be divided into two amounts representing the proportion of MK stock held by each plan. 78% of the net settlement fund will be allocated for calculating and distributing settlement amounts to MK Savings Plan participants, the other 22% of the fund to be allocated for calculating and distributing settlement amounts to MK ESOP participants. Individual settlement amounts will be determined using a complex formula that is fully explained in the settlement notice. MK Savings Plan participants and former MK Savings Plan participants will have their settlement amounts distributed: (1) where possible, into their existing MK Savings Plan accounts; (2) where a former MK Savings Plan participant’s settlement amount is equal to or less than $500, that claimant will receive a check in payment; (3) former MK Savings Plan participants whose settlement amount exceeds $5000 will have 30 days to elect to have their MK Saving Plan accounts reestablished; (4) former MK Savings Plan participants whose settlement amount exceeds $500 but is equal to or less than $5000 will have 30 days within which to reestablish their MK Savings Plan accounts to receive payment and indicate where the settlement amount, once deposited in the participant’s reestablished account, will be transferred out of the Plan, e.g., to a rollover IRA, another qualified plan, or directly to the participant. Former MK Savings Plan participants who do not make the elections required within 30 days of receipt of notice will not have their MK Savings Plan account reestablished and will receive their payment subject to applicable taxes. All former MK ESOP participants in the plaintiff class will receive checks for their individual settlement amounts, subject to applicable taxes. The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for August 23, 2004.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Avaya, Inc. (NYSE:AV), certain of its officers and directors by stockholders who purchased the company's common stock between October 05, 2004 and April 19, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against investment firm Security Brokerage, Inc., and Daniel G. Calugar, its president and majority owner, by investors who purchased shares of Alliance Capital Management's (NYSE:AC) AllianceBernstein Family of mutual funds and Massachusetts Financial Services' Family of mutual funds, which is a subsidiary of Sun Life Financial, Inc. from January 1, 2001, through September 30, 2003. The actions claim that the defendants violated federal securities laws by engaging in an illegal market-timing scheme. A class action has been filed against America Service Group, Inc. (ASGRE), certain of its officers and directors by stockholders who purchased the company's common stock between September 24, 2003 and March 16, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $1.5 million settlement of a class action filed against automotive parts manufacturer Federal-Mogul Corporation (OTCBB: FDMLQ, formerly NYSE: FMO) and certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 1998, and May 25, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 9, 2004, must be mailed to the claims administrator. The parties have reached a tentative $2.5 million settlement of a class action filed against respiratory therapy manufacturer Nellcor Puritan Bennett, Inc. (formerly Nasdaq: NELL), subsidiary of Tyco Healthcare/Mallinckrodt, and certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 1995, and April 16, 1996. The actions claim that the defendants violated the California Corporations Code by issuing a series of material misrepresentations to the market over this time period for the purpose of inducing investors to buy the company’s stock. To recover under the settlement, a completed proof of claim postmarked no later than February 18, 2004, must be mailed to the claims administrator. Several class actions have been filed against human genome mining company deCODE genetics, Inc. (Nasdaq:DCGN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and August 26, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. |
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