Darnis v. Raytheon Technologies Corporation

Plaintiffs brought this class action case against Defendants for converting Plaintiffs’ and Class Members’ stock-based compensation into interests in Raytheon Technologies Corporation (RTX), Carrier Global Corporation (Carrier), and Otis Worldwide Corporation (Otis), and breaching their obligations to make equitable adjustments to preserve the value of participants’ compensation if United Technologies Corporation (UTC) spun-off a subsidiary or merged with another company. Plaintiffs allege that when Defendants converted Plaintiffs’ stock-based compensation, they used formulae that treated compensation in a manner that was significantly inferior and inequitable as compared to how UTC common stock and option owners were treated and that Class Members were significantly harmed as a result.

RTX, Carrier, and Otis Defendants filed Motions to Dismiss and Plaintiffs filed an Omnibus Memorandum in Opposition on January 15, 2021. The parties agreed to a stipulation of partial dismissal on March 19, 2021 and Plaintiffs gave voluntary notice of dismissal of counts four and five only on April 15, 2021.

Plaintiffs filed an Amended Complaint on September 13, 2021. This case is currently in active litigation.