Case Number: No. 6:12-CV-06051-DGL
Practice Area: Employee Benefits & ERISA
Case Status: Settled
Settlement Amount: $9.7 million
Court: United States District Court for the Western District of New York
Berger Montague served as class counsel and obtained a $9.7 million settlement in this lawsuit against Eastman Kodak Co. brought under the Employee Retirement Income Security Act, 29 U.S.C. § 1000, et seq., (“ERISA”), on behalf of the participants and beneficiaries of the Eastman Kodak Employees’ Savings And Investment Plan (the “SIP”) and Eastman Kodak Employee Stock Ownership Plan (the “ESOP”, collectively with the SIP, the “Plans”). The case was litigated in the United States District Court for the Western District of New York and captioned In re Eastman Kodak ERISA Litigation, No. 6:12-CV-06051-DGL (W.D.N.Y.).
Led by Shanon J. Carson of Berger Montague, the plaintiffs alleged that the defendant fiduciaries violated ERISA by permitting the Plans to offer Kodak stock as an investment option after objective information revealed that Kodak was in extreme financial distress and that Kodak stock was an extremely risky investment that was imprudent for retirement asset investment. As the stock depreciated in value over time, and eventually the company filed for bankruptcy, destroying whatever value was left, the Plans’ administrators and fiduciaries failed to act to protect the interests of the Plans’ participants and beneficiaries. The plaintiffs alleged that the defendants failed to act to protect the Plans and their participants from inevitable losses, thereby violating ERISA.
If you or your company has been harmed by conduct, including breaches of fiduciary duty, that you believe violates ERISA or state laws, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.