Welcome to the W.R. Grace ERISA Settlement Website
Settlement Distribution Is Complete
Lead Counsel for Plaintiffs is pleased to announce that the W.R. Grace Savings and Investment Plan ("Plan") trustee has completed the process of depositing each eligible Settlement Class member's portion of the Settlement into his/her individual Plan account. Settlement Class members who are eligible to receive a portion of the Settlement proceeds and no longer participate in the Plan have had accounts created by the Plan trustee. These accounts were created specifically to receive the deposit of such Settlement Class member/former participant's portion of the Settlement Fund proceeds. Settlement Class members who received a portion of the Settlement proceeds may verify the amount of their allocation on their next quarterly Plan statement or by contacting Fidelity at 1-800-835-5096.
Questions regarding the Plan of Allocation calculations or the Settlement in general should be directed to Lead Counsel for Plaintiffs.
Lead Class Counsel for Plaintiffs and the Class are pleased to announce that no appeals were filed within the time allowed under law regarding the Court's approval of the Settlement and the requested award of attorneys fees and expenses and case contribution awards to the Named Plaintiffs. As such, the Settlement has become final. The process of implementing the Court-approved Plan of Allocation will begin in the near term. Please be advised that this process takes some time, often months, to complete. Please continue to visit this website for updates about the allocation of Settlement funds.
Lead Counsel for Named Plaintiffs and the Class is pleased to announce that on October 8, 2009 the Honorable William G. Young entered a Revised Order and Final Judgment approving the Settlement, as well as an Order Awarding Class Counsel Attorneys' Fees, Reimbursement of Expenses and Plaintiffs' Case Contribution Awards. Unless an appeal is filed within the time permitted by applicable federal rules, the Settlement will become final. Please continue to visit this website for updates about the Settlement and allocation of Settlement funds.
The Revised Order and Final Judgment and Order Awarding Class Counsel Attorneys' Fees, Reimbursement of Expenses and Plaintiffs' Case Contribution Awards are available for review on the website.
Welcome to the W.R. Grace ERISA Litigation (Evans v. Akers) Civil Action No. 04-11380-WGY Class Action Settlement website. This website has been established to keep class members informed about the litigation and Settlement. The capitalized terms used on this website have the meanings described in the Settlement Agreement.
In December, 2005, Plaintiffs Keri Evans and Timothy Whipps on behalf of themselves and the Settlement Class, filed a Consolidated Complaint for Breach of Fiduciary Duty under the Employee Retirement Income Security Act of 1974 ("ERISA"). In the Consolidated Complaint, Plaintiffs claimed that Defendants breached their fiduciary duties under ERISA by continuing to allow the investment of the W.R. Grace & Co. Savings and Investment Plan (the "Plan") in W.R. Grace Stock even though W.R. Grace Stock was an imprudent investment for the Plan. On February 6, 2008, the District Court dismissed the case, finding that Evans and Whipps, as former participants in the Plan, did not have standing to assert their claims. Plaintiff and Whipps appealed the District Court's ruling to the United States Court of Appeals for the First Circuit. In the meantime, another plaintiff, Mark Siamis, who was a current participant in the Plan, filed a similar class action in the District Court. The appeals court found that Evans and Whipps did have standing to assert their claims and sent their case back to the District Court, where it was consolidated with Siamis's case. Plaintiffs Evans, Whipps and Siamis have been named the Class Representatives in the Court's Order granting preliminary approval of the Settlement.
The Defendants in this Action are: John F. Akers, Ronald C. Cambre, Marye Anne Fox, John J. Murphy, Paul J. Norris, Thomas A. Vanderslice, H. Furlong Baldwin, Brenda Gottlieb, Robert M. Tarola, W. Brian McGowan, Michael Piergrossi, Eileen Walsh, David Nakashige, Elyse Napoli, Martin Hunter, Ren Lapadario ("Individual Defendants"), the Investments and Benefits Committee of the Plan, and the Administrative Committee of the Plan (collectively, "Defendants"). Plaintiffs could not proceed against W.R. Grace in the District Court because of the litigation stay in place as a result of W.R. Grace's bankruptcy filing on or about April 2, 2001.
The Settlement seeks class certification under the Federal Rules of Civil Procedure as a "non opt-out" class action because of the way ERISA operates. Thus, it is not possible for any participants or beneficiaries to exclude themselves from the Settlement. As a Settlement class member, you will be bound by any judgments or orders that are entered in the Action for all claims that were or could have been asserted in the Action or are otherwise included in the release under the Settlement. Class members include the following:
All Persons who were participants in or beneficiaries of the W.R. Grace & Co. Savings and Investment Plan (the "Plan") at any time between July 1, 1999 to April 19, 2004 (the "Class Period"), and whose accounts included investment in the Company Stock Fund at any point during that time period, excluding the Defendants.
The Defendants agreed to create a settlement fund of $10,000,000 (ten million dollars), plus interest, to be divided among eligible class members, after compensation payments to the Named Plaintiffs, payment of any Court-approved attorneys' fees and payment of other costs and expenses of the Settlement. The Settlement Agreement describes the details of the proposed Settlement. This Settlement releases certain claims against the Company and the Individual Defendants with respect to the investment of the Plan's assets in Company stock during the Class Period.
On June 9, 2009 the District Court issued an order granting preliminary approval of the Settlement. At the Fairness Hearing, to be held October 7, 2009 at 2:30 p.m., the Court will decide whether to approve the Settlement. The Court will also decide whether to grant Lead Counsel for Plaintiffs' application for an award of attorneys' fees', reimbursement of expenses and Named Plaintiff Case Contribution Awards. To date, Lead Counsel for Named Plaintiffs have not received any payment for their services in prosecuting this Action on behalf of the Settlement Class, nor have counsel been reimbursed for their out-of-pocket expenses.
If you have any questions about the Settlement in Evans v. Akers Civil Action No. 04-11380-WGY, please send an email to: WRGraceERISAsettlement@btkmc.com. This e-mail will go to the law office of Barroway Topaz Kessler Meltzer & Check, LLP and will be directed to the individuals handling the Settlement. Lead Counsel for Named Plaintiffs have also set up a toll free number, (800) 951-5312, if you prefer to call with your questions.