Settlements
Home
- CMS
- Conseco
- Delphi
- Enron
- Global Crossing
- Goodyear
- HealthSouth
- Krispy Kreme
- Polaroid
- Southern Company
- Visteon Corp.
- Williams Companies
- WorldCom
- Zoran

Polaroid

POLAROID SETTLEMENT WEBSITE

www.PolaroidERISAsettlement.com

Welcome to the Polaroid ERISA Settlement website. This website is designed to keep class members informed about the In re Polaroid ERISA Litigation Class Action Settlement.

Background

Beginning on October 22, 2003, three putative class action lawsuits were brought on behalf of a purported class of individuals who were participants in or beneficiaries of the Plan (Employee Stock Ownership Plan and/or 401k Plan accounts) during the Class Period, alleging breaches of fiduciary duties in violation of ERISA (the “ERISA Actions”). By Order dated March 8, 2004, the Court consolidated the ERISA Actions under Master File No. 03-8335. Named Plaintiffs (Robert Correia, Bradford W. Pires and Otis D. Powers) allege that the Individual Defendants (Andra Bolotin, Judith Boynton, Benjamin Byrd, Janet Cramer, Gary DiCamillo, Deirdre Evens, William Flaherty, Neal Goldman, Harvey Greenberg, Donald Halsted, William Hubert, John Jenkins, Warren Kantrowitz, Carl Leuders, Jeffrey Miller, Ralph Norwood, Philip Ruddick, and Patricia Weller) and Defendant State Street Bank & Trust Co. (“State Street”) knew or should have known that Polaroid stock was not a prudent retirement investment during the Class Period and that the Defendants acted imprudently by not preventing further investment in Polaroid stock and not liquidating the Plans’ Polaroid common stock holdings. Named Plaintiffs also assert that certain Defendants violated their alleged fiduciary duties by failing to provide Plan participants with complete and accurate information about Polaroid Corporation.

The Class

On September 29, 2006, the Court certified the following class:

All persons who were participants in or beneficiaries of the Plan at any time between October 1, 1999 and January 15, 2003 (the “Class Period”) and whose accounts included investments in Polaroid stock.

For purposes of settlement, the Class shall not include any of the Individual Defendants, or any of their immediate family members, beneficiaries, alternate payees, Representatives, or Successors-in-Interest, except for spouses and immediate family members who themselves were participants in the Plan, who shall be considered members of the Class with respect to their own Plan accounts.

The Settlements

Judge William H. Pauley of the United States District Court for the Southern District of New York (the “Court”) has not decided in favor of Plaintiffs or Defendants. Instead, both sides agreed to the Settlement to ensure a timely and fair resolution of Plaintiffs’ claims and avoid the cost and risk of further litigation. The Named Plaintiffs and the Defendants, through their counsel, have conducted an extensive investigation of the allegations in the Action and evaluated its merits. With the assistance of counsel and an independent mediator, the Parties have also engaged in substantial arm’s-length negotiations to attempt to resolve all claims that have been or could have been asserted in the Action against the Defendants.

As part of the Settlement, Individual Defendants agree to pay twelve million dollars, and Defendant State Street agrees to pay three million dollars into a Settlement Fund. The net amount in the Settlement Fund, including interest, and after payment of and establishment of reserves for any taxes and Court-approved costs, attorneys’ fees, and expenses, including any Court-approved compensation to be paid to the Named Plaintiffs, will be paid to the Plan and, after payment of implementation expenses, the remaining amount will be allocated to the members of the Settlement Class according to the Plan of Allocation approved by the Court.

On May 4, 2007, the Court issued an order granting preliminary approval of the Settlement. At the Final Fairness Hearing, held on June 22, 2007, the Court approved the Settlement, and the Plan of Allocation. On July 19, 2007, the Court issued an order granting Plaintiffs’ motion for attorneys’ fees, costs and class representative compensation.

Settlement Distribution Complete

We are pleased to announce that the Settlement has been calculated and distributed to eligible Class Members according to the Court-approved Plan of Allocation. If you are an eligible Class Member, a check representing your pro rata share of the Settlement from the Net Proceeds was mailed to you beginning on June 16, 2008.

If you have any questions about the In re Polaroid ERISA Class Action Settlement, or if you would like to submit a change of address or request a check re-issue, please contact Class Counsel at:

Schiffrin Barroway
Topaz & Kessler, LLP
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706

Keller Rohrback L.L.P.
1201 Third Avenue
Suite 3200
Seattle, WA 98101
1-800-776-6044

Co-Lead Counsel for Plaintiffs

Document Links
- Frequently Asked Questions
- Complaint
- Settlement Agreement
- Motion for Preliminary Approval
- Preliminary Approval Order
- Long Form Class Notice
- Plaintiffs' Memorandum in Support of Motion for Award of Attorneys Fees, Reimbursement of Expenses, and Award of Compensation to Class Representatives
- Plan of Allocation
- Plaintiffs' Motion and Memorandum for Final Approval of Settlement
- Newspaper Class Notice
- Final Approval Order
- Final Order on Fees & Costs

2008 Keller Rohrback. All Rights Reserved.

Keller Rohrback L.L.P. Seattle, WA
1201 Third Avenue, Suite 3200
Seattle, Washington 98101-3052
Telephone: (206) 623-1900
Fax: (206) 623-3384
Keller Rohrback L.L.P. New York, NY
770 Broadway, 2nd Floor
New York, NY 10003
Telephone: (646) 495-6198
Fax: (646) 495-6197
Keller Rohrback P.L.C. Phoenix, AZ
3101 North Central Avenue, Suite 1400
Phoenix, Arizona 85012
Telephone: (602) 248-0088
Fax: (602) 248-2822

Keller Rohrback Santa Barbara, CA
1129 State Street, Suite 8
Santa Barbara, CA 93101
Telephone: (805) 456-1496
Fax: (805) 456-1497