General Motors ERISA Class Action Settlement
Scott+Scott LLP is pleased to announce the proposed Settlement of all claims in In Re General Motors ERISA Litigation. If approved, the Settlement will provide a cash fund of $37.5 million on behalf of the participants and beneficiaries of the General Motors Savings-Stock Purchase Program for Salaried Employees and the General Motors Personal Savings Plan for Hourly Rate Employees who held GM Stock in their Plan accounts during the period from March 18, 1999 through May 26, 2006. Payments under the Settlement will be made to Settlement Class Members roughly in proportion to the value of their investments in GM stock in one of the Plans during this period.
In addition to the monetary recovery, Settlement Class Members will receive substantial additional benefits under the proposed Settlement, including the following: (1) GM will retain an independent fiduciary to monitor the prudence of offering GM stock as an investment in the Plans, which will mitigate against the risk of large losses in the future (2) GM will not make matching contributions in the form of investment in Company Stock, which should lead to greater diversification in the Salaried Plan; (3) GM will maintain upgraded communications to Plan participants concerning the available investments in the Plans; (4) GM will provide a Savings Plan portfolio tool that enables Plan participants to model various retirement scenarios free of charge for one year; and (5) “Money in Motion,” a one-year financial advisory program from Ayco Company, will be available to all Plan participants at a significantly reduced cost.
Please click on the links to the right for copies of:
+ The Class Complaint
+ The Settlement Agreement
+ Notice of Proposed Settlement
+ Order Preliminarily Approving Settlement
