Polaroid ERISA Litigation

The In re Polaroid ERISA Litigation Amended Consolidated 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 the Polaroid Retirement Savings Plan ("the Plan") at any time between October 1, 1999 and January 15, 2003 (the "Class Period") and whose accounts included investments in Polaroid stock.

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 Polaroid stock sufficient to advise participants of the true risks of investing their retirement savings;
• failing to properly monitor and provide fiduciary appointees with information in their possession that they knew or reasonably should have known that the monitored fiduciaries must have in order to prudently manage the Plan assets; 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.

By order dated September 29, 2006, Judge William H. Pauley, III of the United States District Court for the Southern District of New York certified Plaintiffs' claims as a class action, and appointed Robert Correia, Bradford Pires, and Otis Powers as class representatives. Judge Pauley certified the following class:

All persons who were participants in or beneficiaries of the Polaroid Plan at any time between October 1, 1999 and January 15, 2003 (the "Class Period") and whose accounts included investments in Polaroid stock.

Defendants in the case are the Plan trustee State Street Bank and Trust Company, and the former Polaroid Plan fiduciaries Andra Bolotin, Judith G. Boynton, Benjamin C. Byrd III, Janet B. Cramer, Gary DiCamillo, Deirdre J. Evens, William L. Flaherty, Neal D. Goldman, Harvey Greenberg, Donald M. Halsted III, William Hubert, John Jenkins, Warren Kantrowitz, Carl L. Lueders, Jeffrey S. Miller, Ralph Norwood, Philip Ruddick, and Patricia R. Weller.

Settlement Update

On May 4, 2007, the Court issued an order granting preliminary approval of the Settlement. At the Final Fairness Hearing, held on June 22, 2007, the Court approved the Settlement, and the Plan of Allocation. On July 19, 2007, the Court issued an order granting Plaintiffs’ motion for attorneys’ fees, costs and class representative compensation.

As part of the Settlement, Individual Polaroid Defendants agree to pay twelve million dollars, and Defendant State Street agrees to pay three million dollars into a Settlement Fund. The net amount in the Settlement Fund, including interest, and after payment of and establishment of reserves for any taxes and Court-approved costs, attorneys’ fees, and expenses, including any Court-approved compensation to be paid to the Named Plaintiffs, will be paid to the Plan and, after payment of implementation expenses, the remaining amount will be allocated to the Plan accounts of members of the Settlement Class according to a Plan of Allocation to be approved by the Court. If necessary, a Plan account will be created for those members of the Settlement Class who no longer have Plan accounts.

For details regarding the Settlement, and the legal rights and options for class members in relation to the Settlement, please visit the Polaroid ERISA settlement website at www.PolaroidERISAsettlement.com. 

Case Documents

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