If you were a participant in or a beneficiary of the Beazer Homes USA, Inc. 401(k) Plan (the “Plan”) at any time between July 28, 2005 and May 12, 2008 (the “Class Period”), and your account(s) included investments in the Beazer Homes USA, Inc. Company Stock Fund (the “Beazer Stock Fund”), your rights may be affected by the settlement of a class action lawsuit.
A class action settlement has been reached in a class action lawsuit pending against Beazer Homes USA, Inc. (“Beazer Homes”) and certain of Beazer Homes current and former directors and officers (collectively, “Defendants”) in the United States District Court for the Northern District of Georgia, Atlanta Division (styled In re: Beazer Homes USA, Inc. ERISA Litigation Civil Action Case No. 1:07-CV-00952 (RWS)), alleging, among other things, that Defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”), in connection with the Beazer Homes 401(k) Plan by continuing to allow investment of the Plan’s assets in the Beazer Stock Fund during the Class Period, according to the Beazer Homes class action settlement notice.
The proposed settlement provides for a payment of $5.5 million to settle all claims against Defendants and the Settlement proceeds, minus Court-approved fees and expenses (which may include attorneys’ fees and litigation expenses, Case Contribution Awards to the Named Plaintiffs who brought the lawsuit, and taxes and other costs related to the Settlement) will be allocated to members of the Settlement Class whose Plan accounts suffered alleged losses as a result of investing in the Beazer Stock Fund.
The Beazer Homes ERISA class action lawsuit settlement class reportedly includes the following persons, unless otherwise excluded:
All persons who were participants in or beneficiaries of the Plan at any time between July 28, 2005 and May 12, 2008, and whose account(s) included investments in the Beazer Stock Fund. Excluded from the Settlement Class are Defendants, any entity in which Defendants have or had a controlling interest, or which is or was a parent or subsidiary of or is or was controlled by Beazer Homes, and the current and former officers, directors, affiliates, legal representatives, heirs, predecessors, and assigns of Defendants.
The deadline to object to the Beazer Homes class action settlement is reportedly October 8, 2010.
U.S. District Court Judge Richard W. Story has scheduled a settlement hearing to consider Plaintiffs’ Motion for Final Approval of the Settlement and Class Counsel’s Application for Attorneys’ Fees and Expenses and for a Case Contribution Award to each of the Named Plaintiffs for November 15, 2010, at 9:30 a.m., in the courtroom of the Honorable Richard W. Story, United States District Court for the Northern District of Georgia, Atlanta Division, Richard B. Russell Federal Building and U.S. Courthouse, Courtroom 2105, 75 Spring Street, SW, Atlanta, GA 30303.
For more information on the Beazer Home ERISA class action lawsuit settlement and/or for updates on the Beazer Home class action settlement, visit the In Re Beazer ERISA Settlement website:
If You Have Thoughts On The Beazer Home Class Action Lawsuit Settlement, Share Your Class Action Comments Below.
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What is the latest on Beazer class action suit. It seems there is nothing new sinse november, 2010