Xerox Corp. ERISA Litigation
In Re: Xerox Corporation ERISA Litigation
(Civil Action No. 02-CV-1138)
The Complaint was filed in the United States District Court for the District of Connecticut on behalf of all current and former participants and beneficiaries of The Xerox Corporation Savings Plan or The Savings Plan of Xerox Corporation and the Xerographic Division, UNITE HERE (Formerly “The Savings Plan of Xerox Corporation and the Xerographic Division, Union of Needletrades, Industrial and Textile Employees, A.F.L.-C.I.O.-C.L.C.”) (collectively, the “Plans”) for whose individual accounts the Plans purchased and/or held interests in the Xerox Stock Fund at any time during the period May 12, 1997 through and including June 28, 2002, excluding the Individual defendants in the above captioned litigation (collectively, the “Class”).
On April 14th, 2009, the Court held a fairness hearing, at which time United States District Judge Alvin W. Thompson entered an Order and Final Judgment approving the Settlement and Plan of Allocation.
The Settlement provides for a payment of $51 million, net of expenses described in the Settlement Agreement (which include notice and allocation expenses, Court-approved attorneys’ fees and expenses and Plaintiff compensation awards, taxes and other costs related to the Settlement Fund administration) to the Plan accounts of members of the Settlement Class who suffered losses as the result of investment of their Plan accounts in the Xerox Stock Fund. In addition, the Settlement contains provisions relating to the ongoing administration of the Plans and management of their assets.