TXU Corporation Thrift Plan ERISA LitigationPractice Area: Employee Benefits Success
Hargrave v. TXU Corp., No. 02-2573 (N.D. Tex.)
Cohen Milstein Sellers & Toll, PLLC and co-counsel settled a putative class action lawsuit concerning the mismanagement of the TXU Thrift Plan by TXU Corporation and the Plan fiduciaries, entitled Hargrave v. TXU Corp., No. 02-2573 (N.D. Tex.).
Final Settlement Approved
On March 25, 2008, the Court approved a settlement of $7,250,000 for class members who were participants in the TXU Thrift Plan between April 25, 2001 and October 11, 2002.
Summary of the Claims
This lawsuit alleged that TXU, the company’s Board of Directors, and the Thrift Plan Committee violated federal pension law (ERISA) in connection with the purchase and holding of TXU stock by participants in the TXU Thrift Plan during the Class Period. In this litigation, the Plaintiffs alleged that the fiduciaries of the Thrift Plan breached their fiduciary duties from April 26, 2001 through October 11, 2002 when TXU and its management (some of whom were fiduciaries), disseminated materially inaccurate, incomplete, and misleading statements and omissions regarding the financial condition of TXU. As a result of these alleged breaches of fiduciary duty, this lawsuit alleged that TXU's stock was traded at artificially inflated prices.
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