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In re Beazer Homes USA, Inc. ERISA Litigation
On November 15, 2010, the Honorable Richard W.
Story granted approval of the Class Action Stipulation and Agreement of
Settlement (“Settlement Agreement”).
The Settlement:
The Settlement provides for a payment of $5.5
million, net of expenses described in the Settlement Agreement, to the
Plan for the benefit of the following Settlement Class:
All persons who were participants in or
beneficiaries of the Beazer Homes USA, Inc. 401(k) Plan at any time
between July 28, 2005 and May 12, 2008, and whose accounts(s) included
investments in the Beazer Homes USA, Inc. Company 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 USA,
Inc., and the current and former officers, directors, affiliates, legal
representatives, heirs, predecessors, and assigns of Defendants.
At the Fairness Hearing held on November 15, 2010,
the Court approved the Settlement and the Plan of Allocation.
The Court also issued its Order granting Plaintiffs’ motion for an
award of attorneys’ fees and expenses, and service awards to the
Plaintiffs. The date of Complete Settlement Approval will be the date
that all applicable appeal periods for an appeal of the Final Approval
Order have passed, without any appeal being filed, or, if an appeal is
filed upon entry of an order affirming the Final Approval Order, and
the expiration of any applicable period for reconstruction, rehearing,
or further appeal of such affirmance without any motion for
reconsideration, rehearing or further appeal having been
filed.
A copy of the Notice of Class Action as
well as other information concerning the Settlement can be found at
www.BeazerERISASettlement.com.
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