In re Eastman Kodak ERISA Litigation, (Gedek v. Perez, 12-cv-6051L (W.D.N.Y.))
The U.S. District Court for the Western District of New York has entered an order preliminarily approving a proposed $9.7 million settlement on behalf of participants and/or beneficiaries of both the Kodak Employee Stock Ownership Plan (the “ESOP”) and of the Eastman Kodak Savings and Investment Plan (the “SIP”) whose Plan Accounts included investments in the Kodak Stock Fund at any time during the period from January 1, 2010 to March 31, 2012. The lawsuit involved claims that the ESOP and SIP Fiduciaries continued plan investments in Kodak stock during a time that it was not a prudent investment for a retirement plan.
On July 8, 2016, Plaintiffs filed a motion for final approval of the settlement and a motion for an award of attorneys’ fees, reimbursement of expenses, and class representative awards.
On October 4, 2016, following an August 22, 2016 hearing, the Court approved the Settlement. The Claims Administrator is currently working to process the claims and ensure they are paid in accordance with the Court-approved Plan of Allocation. Please be patient. For additional information, please see the dedicated settlement website, http://www.kodakerisasettlement.com/.