Case Information: JDS Uniphase Corporation
Updated On: May 13th, 2010 This case covers all persons who were participants in or beneficiaries of the JDS Uniphase Corporation Employee 401(k) Retirement Plan or the OCLI Plan between February 4, 2000 and September 30, 2006, inclusive, and whose individual accounts included investments in JDSU common stock or a fund created to invest in JDSU common stock. Izard Nobel LLP (f/k/a Schatz & Nobel, P.C.) was appointed as Co-Lead Counsel by the United States District Court for the Northern District of California.
The Amended Complaint alleges that the company breached its duty as a fiduciary to the Plan by allowing the plan to hold JDS Uniphase common stock when the company knew it was imprudent to do so. A Motion to Dismiss the complaint was denied in part on July 14, 2005.
The parties have reached a preliminary settlement in the amount of $3 million, which will be allocated to Plan participants, if the settlement is approved by the court.
On November 17, 2009, United States District Judge Claudia Wilken granted preliminary approval to the settlement and scheduled a fairness hearing for April 22, 2010. The Plaintiffs filed a Motion for Final Approval of the Settlement on April 15, 2010.
On May 4, 2010, the Honorable Claudia Wilken entered (1) an Order and Final Judgment approving the Settlement, (2) an Order awarding Attorneys’ Fees and Reimbursement of Expenses and Plaintiffs’ Case Contribution Awards, and (3) an Order approving the Plan of Allocation. Unless an appeal is filed within the time permitted by applicable federal rules, the Settlement will become final.
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