Stull, Stull & Brody Announce Proposed Settlement of Class Action and Settlement Fairness Hearing for all Current and Former Participants in the Terex Corporation and Affiliates' 401K Retirement Savings Plan

NEW YORK, Sept. 10, 2015 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF CONNECTICUT

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND SETTLEMENT FAIRNESS HEARING

TO:  ALL CURRENT AND FORMER PARTICIPANTS IN THE TEREX CORPORATION AND AFFILIATES' 401(K) RETIREMENT SAVINGS PLAN (THE "PLAN") FOR WHOSE INDIVIDUAL ACCOUNTS THE PLAN HELD SHARES OF TEREX STOCK OR UNITS OF THE COMPANY STOCK FUND AT ANY TIME FROM DECEMBER 31, 2007 TO FEBRUARY 27, 2009 (THE "SETTLEMENT CLASS PERIOD").

PLEASE READ THIS NOTICE CAREFULLY.
A FEDERAL COURT AUTHORIZED THIS NOTICE.
THIS IS NOT A SOLICITATION.
YOU ARE NOT BEING SUED. 

A settlement has been preliminarily approved by a federal court in a consolidated class action lawsuit against Terex Corporation ("Terex" or the "Company"), and certain of its former officers and directors, alleging breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 ("ERISA"). This Settlement will provide for a payment of $2.5 million, less any Court-approved fees and expenses, and administrative costs, to the Plan, which money will then be allocated to the accounts of participants of the Plan who had portions of their Plan accounts invested in Terex common stock or units in the Company Stock Fund during the Settlement Class Period. All capitalized terms not otherwise defined in this Summary Notice of Class Action Settlement have the meaning provided in the Stipulation of Settlement (the "Stipulation") available on the Settlement website below. If you qualify, you will receive an allocation without taking any further action. You do not need to send in a claim or take any other action to participate in the Settlement. The United States District Court for the District of Connecticut authorized this Notice.

WHO IS INCLUDED IN THE SETTLEMENT?

If you were a participant in the Plan at any time during the period from December 31, 2007 until February 27, 2009, inclusive, or you were a beneficiary of any such participant, and your account included investments in Terex common stock or units of the Company Stock Fund created to invest primarily in Terex stock, then you are a member of the Settlement Class (a "Settlement Class Member"). 

WHAT IS THIS CASE ABOUT?

Plaintiffs claim that Defendants breached their fiduciary duties under ERISA by continuing to allow the investment of the Plan's assets in Terex common stock or Company Stock Fund units during a time when Defendants knew or should have known that such investment was imprudent and by other related acts during the Settlement Class Period.  Plaintiffs' allegations are described in more detail in the complaint available on the Settlement website below.  All Defendants deny any wrongdoing.  Both sides agreed to the Settlement to avoid the cost and risk of further litigation.

WHAT DOES THE SETTLEMENT PROVIDE?

Defendants have agreed to create a Settlement Fund of $2.5 million to be divided among eligible Settlement Class Members after payment of attorneys' fees to Class Counsel, Case Contribution Awards to the Plaintiffs, and payment of other costs and expenses of the Settlement, including notice and claims administration, as the Court may allow.  The Stipulation, other related documentation, and a list of Frequently Asked Questions, available at the Settlement website identified below, describes the details of the proposed Settlement.  Your share (if any) of the Settlement Fund will depend upon the amount and value of shares of Terex common stock held in your Plan account(s) during the Plan of Allocation Calculation Period.  While there is nothing you have to do to receive your entitlement, if any, pursuant to the Settlement, the amount to which you are entitled, if anything, cannot be determined until after the Court has approved the Settlement.  This Settlement releases certain claims against Defendants relating to the investment of the Plan's assets in Terex common stock or common stock fund units during the Settlement Class Period.

HOW DO I RECEIVE A PAYMENT?

If you are a Settlement Class member and are entitled to a share of the Settlement Fund according to the Stipulation, you are not required to do anything to receive a payment.  The payment will be made directly to your Plan account(s).  If you are no longer a participant in the Plan, a Plan account will be established for you and you will be notified of this account along with further instructions.  If your address has changed since you closed your Plan account(s), please contact Class Counsel toll-free at 866-217-4453 to advise of the change of address.

CAN I OBJECT TO OR OPT OUT OF THE SETTLEMENT?

You do not have the right to exclude yourself from the Settlement in this case, but you do have the right to object by writing to the Court.  You will be bound by any judgments or orders that are entered in this Action, and if the Settlement is approved, you will be deemed to have released all of the Defendants from all claims that were or could have been asserted in this case, other than your right to obtain the relief provided to you, if any, by the Settlement.

The Court will hold a hearing in this case at 2:00 p.m. on November 4, 2015, in the Courtroom of Judge Robert N. Chatigny, United States District Court for the District of Connecticut, 450 Main Street, Hartford, CT 06103, to consider whether to approve the Settlement and a request by the lawyers representing all Settlement Class Members, Class Counsel, for attorneys' fees, for Case Contribution Awards to the Plaintiffs, and for other case-related expenses.  If approved, these amounts will be paid from the Settlement Fund.  You may ask to speak at the hearing by filing a Notice of Intention to Appear by October 9, 2015, but you are not required to do so. 

Although you cannot opt out of the Settlement, you may object to all or any part of the Settlement in accordance with the instructions included in the long-form Notice of Proposed Settlement of Class Action and Settlement Fairness Hearing available at the Settlement website below.  Objections must be postmarked, or if not sent by United States Postal Service received by the Court, by October 9, 2015.  Please note that the time, place and date of the hearing may change without a further mailing.  Class Counsel will update the Settlement website below if the hearing time or location is changed.  Please check the website or contact Class Counsel if you wish to confirm that the hearing time has not been changed.

HOW DO I GET MORE INFORMATION?

If you are a Settlement Class member and would like to receive additional information or to receive a copy of the long-form Notice of Proposed Settlement of Class Action and Settlement Fairness Hearing, call toll-free 866-217-4453 or visit www.TerexERISAsettlement.com.

SOURCE Stull, Stull & Brody

Related Links

http://www.TerexERISAsettlement.com