If You Are A Current or Former Participant in or Beneficiary of the Ford Motor Company Savings and Stock Investment Plan for Salaried Employees or the Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees and Your Individual Plan Account(s) Included Investments in Ford Motor Company (“Ford”) Stock at Any Time During the Period April 15, 2000 and August 27, 2010, inclusive (the “Class Period”) Or If You Are A Beneficiary, Alternate Payee, Representative or Successor in Interest to a Person, Your Rights May Be Affected By A Class Action Settlement.
A class action settlement has been reached in a class action lawsuit pending against Ford Motor Company (“Ford Motor” or “Ford”) and others (collectively “Defendants”) in the United States District Court for the Eastern District of Michigan (styled In re Ford Motor Company ERISA Litigation, Civil Action Consolidated Master Case No. 06-cv-11718), alleging, among other things, that the Defendants were fiduciaries of the Ford Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees and violated fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by allowing the Plans to invest in Ford stock when it was allegedly an unsuitable and imprudent investment for the Plans, according to the Ford Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees class action settlement notice.
The Ford Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees (the “Plans”) class action Settlement Class reportedly consists of the following persons:
(a) all current and former participants and beneficiaries of the Plans whose individual Plan account(s) included investments in Ford stock at any time during the Class Period 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 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 the Plans, who shall be considered members of the Class with respect to their own Plan accounts.
The Ford Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees ERISA class action lawsuit complaint reportedly alleged, among other things, that Defendants suffered from conflicts of interest, failed to provide participants in the Plans with complete and accurate information regarding the risk of investing in Ford stock, failing to discharge fiduciary duties to provide information pertinent to the Plans’ investment in Ford stock to other fiduciaries, monitor the performance of other fiduciaries, or otherwise prevent or remedy breaches of duty by other fiduciaries.
Under the proposed Ford Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees ERISA Settlement, Ford has agreed to implement remedial provisions to enhance the ability of Class Members to save for retirement, including the following:
- Ford will make online financial advice tools or materials (or their equivalent) available to Class Members for a four-year period beginning on the date the online financial advice tools or materials are implemented.
- For a period of four years following Final Approval of the Settlement, Ford will enhance participant communications to Active Participants, and arrange third-party fiduciary training for Ford’s Investment Process Oversight Committee and Investment Process Committee.
- Ford will also, within ninety days of the Effective Date of Settlement, provide a notice to Active Participants whose Plan investment in Ford stock at that time exceeds 20% of their total Plan holdings concerning the importance of maintaining diversified investments.
- Additionally, if Ford elects in its discretion to offer an employee match under the Ford Motor Company Savings and Stock Investment Plan for Salaried Employees (“SSIP”) during the three-year period following the Final Approval of Settlement such a match will be (a) provided in cash; and (b) invested in any applicable investment option under the SSIP designated by the Active Participant or, if no investment option has been designated, then in the applicable default investment option.
The Court is scheduled to hold a class action settlement Fairness Hearing at 2:00 p.m. on February 15, 2011, at the United States District Court for the Eastern District of Michigan, Theodore Levin U.S. Courthouse, 231 W. Lafayette Blvd., Detroit, Michigan 48226 to consider, among other things, whether the Ford Motor ERISA class action settlement is fair, reasonable, and adequate.
For more information on the Ford Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees ERISA class action lawsuit settlement and/or for updates on the Ford Motor ERISA class action settlement, visit the Ford Motor ERISA settlement website:
www.erisasettlementfomoco.com
If You Have Thoughts On TheFord Motor Company Savings and Stock Investment Plan For Salaried Employees & Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees ERISA Class Action Settlement, Share Your Class Action Settlement Comments Below.
what were the results at the at the class action settlement
fairness hearing febuary 15 2011 in the usa district court?
can anybody answer this question?
I would like to know the answer to that question.