Syncor ERISA Litigation

The Brown, et al. v. Syncor International Corp. et al., ERISA Complaint was filed in the United States District Court for the Central District of California on behalf of Plaintiffs and a class (the "Class") of all persons who were participants in or beneficiaries of the Syncor International Corporation Employees’ Savings and Stock Ownership Plan ("the Plan") July 26, 2000 and January 1, 2003 (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 Syncor 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.

On March 28, 2005, the Court entered an Order Granting Plaintiffs’ Motion for Class Certification over Defendants’ opposition. The Class certified by the Court is defined as:

 All participants in the Syncor International Corporation Employees' Savings and Stock Ownership Plan and their beneficiaries, excluding the Defendants and their immediate family members, for whose accounts the fiduciaries of the Plan made or maintained investments in Syncor stock for the Plan between July 26, 2000 and January 1, 2003.

On July 29, 2008, the Court conditionally granted Plaintiffs' Motion for Preliminary Approval of Class Action Settlement. A Notice of Class Action Settlement was subsequently distributed to current and former participants of the Plan who were potential members of the certified class.

The Court will held a Final Fairness Hearing on October 6, 2008. On October 22, 2008, the Court entered the Order and Final Judgment approving the settlement.

Additional information on the settlement is available at www.SyncorERISASettlement.com.

 Case Documents