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RADIOSHACK ERISA LITIGATION

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF TEXAS

FORTH WORTH DIVISION

MASTER FILE No. 4:14-cv-00959-O

 

A class action lawsuit was filed in the United States District Court, Northern District of Texas by former employees of RadioShack Corporation, which now goes by the name RS Legacy Corporation (“RadioShack”), against members of the the RadioShack 401(k) Plan Administrative Committee, the RadioShack Puerto Rico Plan Administrative Committee, James F. Gooch, Joseph C. Magnacca, Robert E. Abernathy, Frank J. Belatti, Julia A. Dobson, Daniel A. Feehan, H. Eugene Lockhart, Jack L. Messman, Thomas G. Plaskell, Edwina D. Woodbury, Mark Barfield, Karina Davis, Eric Hales, Justin Johnson, Michael Keyser, Kevin Krautkramer, Martin Moad, Sri Reddy (together, the “RadioShack Defendants”), and Wells Fargo Bank, N.A. and Banco Popular de Puerto Rico (the “Trustee Defendants”), who all were alleged to be fiduciaries of the Plans. The litigation (the “Action”) alleged that RadioShack Defendants and Trustee Defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). A Settlement has been reached between Plaintiffs and the Trustee Defendants (“Settling Parties”) for the amount of $900,000.00 (Nine Hundred Thousand U.S. Dollars) (the “Settlement Payment”). To be clear, the allegations against the RadioShack Defendants (the “Non-Settling Defendants”) have not been settled and are continuing. The Settlement will provide for distribution of the Settlement Payment in accordance with the Plan of Allocation to members of the Settlement Class who had portions of their Plan accounts invested in RadioShack Stock. Link to NFL.com

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