Lucent ERISA Litigation

The In re Lucent Technologies, Inc., et al. ERISA Litigation Complaint was filed in the United States District Court for the Southern District of New York on behalf of Plaintiffs and a class (the "Class") of all persons who were participants in or beneficiaries of Lucent Technologies, Inc. Long Term Savings Plan for Management Employees, the Lucent Technologies, Inc. Retirement Savings and Profit Sharing Plan, the Lucent Savings Plan, and the Lucent Technologies, Inc. Long Term Savings and Security Plan ("the Plans") between October 18, 1998 and the present (the "Class Period"). 

Settlement

The District Court granted preliminary approval of the settlement on September 23, 2003, and final approval of the settlement at the Fairness Hearing on December 12, 2003. However, an appeal was filed in another suit that was part of the Global Settlement which includes the Lucent ERISA case. Until this appeal is resolved in the Third Circuit, the payment of any of the proceeds from the settlement will be delayed.