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Case ID: 4803 | Employment | 11/02/2006
Krispy Kreme Doughnuts, Inc. (NYSE: KKD) announced that a proposed settlement has been reached resolving an ERISA class action filed on March 3, 2005 in North Carolina against the Company and individual defendants including certain members of its Board of Directors, officers and employees. The Company and the individual defendants deny any and all wrongdoing and would not pay any money in the settlement.
The lawsuit alleges that the Company and the individual defendants breached duties with respect to the management and administration of the Krispy Kreme Doughnut Corporation Retirement Savings Plan (the "401(k) Plan") and the Krispy Kreme Profit Sharing Stock Ownership Plan (the "KSOP") (collectively the "Plans"). If the settlement is finalized, it will impact members of a settlement class consisting of the Plans' participants from January 1, 2003 through May 12, 2006. If the settlement is finalized, in addition to the cash payment by the Company's insurer, the Company will amend the Plans to cause the merger of the KSOP into the 401(k) Plan. Several contingent events must be satisfied before the settlement becomes final, including preliminary and final approval by the United States District Court where the matter is pending. It is anticipated that if the United States District Court gives final approval to the proposed settlement, this matter will be resolved by the end of calendar 2007. The lawsuit includes any employee that participated in the Krispy Kreme Doughnut Corporation Retirement Savings Plan (the "401(k) Plan") and the Krispy Kreme Profit Sharing Stock Ownership Plan (the "KSOP") from January 1, 2003 through May 12, 2006. 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 Employment Cases of Interest A class action has been filed against the United States Postal Service on behalf of employees who allege that the Service systematically and purposefully altered their electronic timeslips to avoid paying them overtime, in violation of the federal Fair Labor Standards Act, the Racketeer Influenced Corrupt Organizations Act (RICO), and the Privacy Act of 1974. The action seeks unspecified compensatory and punitive damages. Qualified employees should join the action as soon as possible to prevent forfeiture of benefits because of the operation of federal statutory deadlines. A class action lawsuit has been filed in the Southern District Court of Mississippi against Levis Strauss & Co for violations of the Fair Labor Standards Act (FLSA) which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. Class members seek unpaid overtime, punitive damages, attorney's fees and costs of the litigation. A statewide collective action has been filed in Florida against Affordable Dental Center of South Florida, Inc. The action is brought on behalf of all current and former hourly employees of all Florida Affordable Dental Centers, who since May 2001, were not paid proper statutory overtime for all hours worked beyond 40 per week. The action is brought under the federal Fair Labor Standards Act and seeks statutory and liquidated damages as well as declaratory and injunctive relief. As a collective action, all potential claimants are required to "opt-in" to the action in order to be considered part of the class. The employees have requested that the court issue notice to all potential class members. Royal Dutch/Shell Group agreed to pay about $90 million to settle a lawsuit brought by its U.S. employees after the company overstated its oil and gas reserves by 41 percent.
The accord brings to about $240 million costs related to the overstatement, which led to lawsuits, criminal investigations and the ouster of Chief Executive Philip Watts. Insurance will cover $25 million of the settlement, Shell said in a statement July 12, 2005. A class action lawsuit has been filed in the Central District Court of California against Group USA, Inc. The case involves violations of the Fair Labor Standards Act. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. Hourly employees of Waterfalls Carwash of Naples, LLC have filed a class action lawsuit claiming that the company failed to pay the overtime for hours worked in excess of 40, in violation of the federal Fair Labor Standards Act. The workers seek an award of the unpaid overtime together with interest, costs and other damages. |
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