Lawsuit Filed on Behalf of Delphi Savings-Stock Purchase Program for Salaried Employees in the United States
Cohen Milstein Sellers & Toll PLLC filed a lawsuit on April 1, 2005 concerning the Delphi Savings-Stock Purchase Program for Salaried Employees in the United States (the "Salaried Plan") for violations of the federal pension law (ERISA) in connection with the loss of value in Delphi Corporation stock (NYSE: DPH) acquired and held by the employees of Delphi Corporation or its subsidiaries through the Salaried Plan. The litigation, which alleged that the fiduciaries of the Salaried Plan violated their fiduciary duties, sought to restore losses in Delphi Corporation stock to the accounts of employees in the Salaried Plan.
On March 3, 2006, a Consolidated ERISA Complaint was filed in the United States District Court for the Eastern District of Michigan on behalf of a class (the "Class") of all persons who were participants in or beneficiaries of the Salaried Plan as well as the following additional Delphi-sponsored, defined-contribution plans (collectively "the Plans"): (1) the Delphi Personal Savings Plan for Hourly-Rate Employees in the United States; (2) the ASEC Manufacturing Savings Plan; and (3) the Delphi Mechatronic Systems Savings-Stock Purchase Program from May 28, 1999 to November 1, 2005 (the "Class Period") and whose accounts included investments in Delphi common stock.
The Consolidated Complaint alleges that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members by:
- failing to prudently and loyally manage the Plans’ assets;
- failing to act in accordance with Plan documents and ERISA;
- failing to monitor fiduciaries;
- failing to disclose to and inform the other fiduciaries of the Plans of information which the other fiduciaries reasonably needed to know to fulfill their fiduciary duties to Plan participants and beneficiaries; and
- co-fiduciary liability.
Not all claims are against every Defendant.
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