Scott+Scott, Attorneys at Law, LLP Announce That a Class Has Been Certified in a Class Action Entitled Pfeil v. State Street Bank and Trust Company
CLEVELAND HEIGHTS, Ohio, July 11, 2013 /PRNewswire/ -- The following statement is being issued by Scott+Scott, Attorneys at Law, LLP regarding Pfeil v. State Street Bank and Trust Company.
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN
RAYMOND M. PFEIL AND MICHAEL KAMMER, Individually and on Behalf of All Others Similarly Situated, Plaintiffs,
STATE STREET BANK AND TRUST COMPANY, Defendant.
Case No. 2:09-cv-12229, Honorable Denise Page Hood
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
To: ALL PERSONS WHO PARTICIPATED IN OR WERE BENEFICIARIES OF EITHER OF GENERAL MOTORS' TWO MAIN 401(k) PLANS, FOR HOURLY AND SALARIED EMPLOYEES, BETWEEN JULY 15, 2008 AND APRIL 24, 2009, INCLUSIVE (THE "CLASS PERIOD"), WHOSE ACCOUNTS INCLUDED INVESTMENTS IN THE GENERAL MOTORS $1-2/3 PAR VALUE COMMON STOCK FUND.
YOU ARE HEREBY NOTIFIED, pursuant to an Order dated January 4, 2013, that a class has been certified in a class action entitled Pfeil v. State Street Bank and Trust Company, Case No. 09-CV-012229, currently pending before the Honorable Denise Page Hood of the United States District Court for the Eastern District of Michigan.
This litigation is brought on behalf of all persons who were participants in or beneficiaries of the General Motors Personal Savings Plan for Hourly Rate Employees or the General Motors Corporation Savings-Stock Purchase Program for Salaried Employees (collectively, the "Plans") at any time between July 15, 2008 and April 24, 2009 (the "Class Period") whose accounts included investments in General Motors Corporation ("General Motors" or "GM") and who suffered a loss on his or her individual investments in the General Motors $1-2/3 Par Value Common Stock Fund (the "GM Stock Fund") during the Class Period.
Plaintiffs in this litigation allege that GM engaged State Street Bank and Trust Company ("State Street") to serve as the independent fiduciary and investment manager for these Plans solely with respect to the GM Stock Fund. Plaintiffs further allege that State Street breached the fiduciary duties it owed to Class members, including the duties imposed by the Employment Retirement Income Security Act (29 U.S.C. §1104(a)(1)(A) and (B)). Plaintiffs seek compensatory damages, pre- and post-judgment interest at legal rates, attorneys' fees, and the costs of bringing and prosecuting the action and any such further relief as the Court may deem just and proper. State Street denies all of Plaintiffs' allegations concerning breach of fiduciary duty and violations of the Employee Retirement Income Security Act.
If you are a member of the Class, your rights may be affected by this litigation. If you have not received a detailed Notice of Pendency of Class Action ("Notice"), you may obtain copies by writing to Claims Administrator, State Street Bank and Trust Company ERISA Litigation, c/o The Garden City Group, Inc., PO Box 9984, Dublin, OH 43017-5984, or by downloading this information at www.gcginc.com.
If you desire to be excluded from the Class, you must submit a written request for exclusion postmarked no later than September 25, 2013, in the manner and form explained in the detailed Notice referred to above. All Class members who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the litigation. Moreover, the Court certified the Class under two provisions of the Federal Rules of Civil Procedure. Under one of these provisions, potential Class members are not entitled to exclude themselves from the Class. Thus, decisions to exclude will only have effect to the extent the Court rescinds this portion of its certification.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact counsel for the Plaintiffs at: Geoffrey M. Johnson, Scott+Scott, Attorneys at Law, LLP, 12434 Cedar Road, Suite 12, Cleveland Heights, OH 44106; or go to the following website: www.gcginc.com.
DATED: July 11, 2013.
BY THE ORDER OF THE UNITED STATES DISTRICT COURT, EASTERN DISTRICT OF MICHIGAN
SOURCE Scott+Scott, Attorneys at Law, LLP