Oneida Ltd. ESOP Class Action

On October 4, 2010, the Honorable Neal P. McCurn granted final approval of the Class Action Settlement Agreement (“Settlement Agreement”). 

Case History

The Lilly, et al. v. Oneida Ltd. Employee Benefits Admin. Committee, et al. ERISA Complaint was filed in the United States District Court Northern District of New York on behalf of Plaintiffs and a class of all persons who were participants in or beneficiaries of the Oneida Ltd. Employee Stock Ownership Plan (“Plan”) from May 28, 2003 to March 20, 2006 (“Class Period”) and whose accounts included investments in Oneida Ltd. common stock.

Plaintiffs allege that during the Class Period, Defendants breached their fiduciary duties to Plaintiffs and the Class by:

• failing to prudently and loyally manage the Plan’s assets
• and failing to monitor fiduciaries.

The Settlement 

The Settlement provides for a payment of $1,850,000.00 in cash, plus interest earned thereon, net of expenses described in the Settlement Agreement, for the benefit of the following:

The Settlement

The Settlement provides for a payment of $1,850,000.00 in cash, plus interest earned thereon, net of expenses described in the Settlement Agreement, for the benefit of the following:

All Persons, and their Successors-In-Interest, except as expressly excluded herein, who were participants in or beneficiaries of the Plan at any time between May 28, 2003 and March 20, 2006 (the “Class Period”) and whose Plan account included investments in Oneida stock during the Class Period. The “Settlement Class” shall not include any of the Defendants, or any of the Defendants’ Immediate Family, beneficiaries, alternate payees, Representatives or Successors-In-Interest, except for Immediate Family, beneficiaries, alternate payees, Representatives or Successors-In-Interest who themselves were participants in the Plan, who shall be considered members of the Settlement Class with respect to their own Plan accounts.

Case Documents
Website Design by 3Circle Media