EDS ERISA Litigation
Settlement Update:
We are pleased to announce that on August 6, 2008, the Honorable Leonard Davis granted final approval to the proposed Class Action Settlement of this matter. Once the appeals period has expired and the Settlement becomes final, Class Counsel will direct the Plan’s Trustee to calculate each Class Member’s portion of the Settlement and commence distribution of Settlement Funds pursuant to the approved Plan of Allocation. Please visit http://www.kellersettlements.com/eds.html for more information about the Settlement and allocation of Settlement Funds.
On August 6, 2008 the following Orders were approved:
Order and Final Judgment Approving Proposed Settlement;
Order Granting Plaintiffs’ Motion for an Award of Attorneys’ Fees, Reimbursement of Litigation Costs and Expenses and for Case Contribution Awards for Named Plaintiffs; and
Order Approving EDS 401(k) Plan of Allocation
The In re Electronic Data Systems Corporation ERISA Litigation Complaint was filed in the United States District Court for the Eastern District of Texas, Tyler Division, on behalf of Plaintiffs and a class (the "Class") of all persons who were participants in or beneficiaries of the EDS 401(k) Plan ("the Plan") between September 7, 1999 and October 9, 2002 (the "Class Period").
The Complaint alleges that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members by:
- failing to prudently and loyally manage the Plan's assets;
- failing to provide participants with complete and accurate information regarding EDS stock sufficient to advise participants of the true risks of investing their retirement savings;
- failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate; and,
- breaching the duty to avoid conflict of interest.
Not all claims were brought against every Defendant. Please refer to the Case Documents below or Contact Us for more information.
Case Documents