In re Delphi Corp. Securities, Derivative, & "ERISA" Litigation
N/AOUTCOME: Favorable class settlement achieved.
This complex ERISA action alleges that fiduciaries of various 401(k) pension plans sponsored by Delphi Corp., and the outside investment managers who served as fiduciaries to the plan, breached their f ... iduciary duties by not divesting the plans of Delphi company stock, despite their knowledge that Delphi was facing imminent collapse. As a result of the alleged breaches, current and former employees of Delphi who were invested in company stock lost tens of millions of dollars. The action was favorably resolved for plaintiffs.
