LAWSUITS NEWS & LEGAL INFORMATION
Merrill Lynch ERISA Class Action Settled for $75 Million
This is a settlement for the Securities/Stock Fraud lawsuit.
On August 21, 2009, final approval of the ERISA settlement in the Merrill Lynch & Co., Inc. Securities, Derivative and ERISA Litigation was granted.
The class action alleged breaches of fiduciary duty in violation of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), in connection with the acquisition and holding of Merrill Lynch stock in the Merrill Lynch & Co., Inc. 401(k) Savings and Investment Plan, the Merrill Lynch & Co., Inc. Retirement Accumulation Plan, and the Merrill Lynch & Co., Inc. Employee Stock Ownership Plan (collectively, the "Plans").
The settlement provides for a payment of $75 million to resolve the Class's claims. The Class consists of: (a) all current and former participants and beneficiaries of any of the Plans whose individual Plan account(s) included investments in Merrill Lynch stock at any time between September 30, 2006 and December 31, 2008, inclusive and (b) as to each Person within the scope of subsection (a) of this Paragraph, his, her or its beneficiaries, alternate payees (including spouses of deceased Persons who were participants of one or more of the Plans), Representatives and Successors-In-Interest, provided, however, that the Class shall not include any Defendant or any of their Immediate Family, beneficiaries, alternate payees (including spouses of deceased Persons who were Plan participants), Representatives or Successors-In-Interest, except for spouses and immediate family members who themselves are or were participants in any of the Plans, who shall be considered members of the Class with respect to their own Plan accounts.
Published on Aug-26-09
The class action alleged breaches of fiduciary duty in violation of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), in connection with the acquisition and holding of Merrill Lynch stock in the Merrill Lynch & Co., Inc. 401(k) Savings and Investment Plan, the Merrill Lynch & Co., Inc. Retirement Accumulation Plan, and the Merrill Lynch & Co., Inc. Employee Stock Ownership Plan (collectively, the "Plans").
The settlement provides for a payment of $75 million to resolve the Class's claims. The Class consists of: (a) all current and former participants and beneficiaries of any of the Plans whose individual Plan account(s) included investments in Merrill Lynch stock at any time between September 30, 2006 and December 31, 2008, inclusive and (b) as to each Person within the scope of subsection (a) of this Paragraph, his, her or its beneficiaries, alternate payees (including spouses of deceased Persons who were participants of one or more of the Plans), Representatives and Successors-In-Interest, provided, however, that the Class shall not include any Defendant or any of their Immediate Family, beneficiaries, alternate payees (including spouses of deceased Persons who were Plan participants), Representatives or Successors-In-Interest, except for spouses and immediate family members who themselves are or were participants in any of the Plans, who shall be considered members of the Class with respect to their own Plan accounts.
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