HAGENS BERMAN

Date Filed: September 12, 2002
Court: U.S. District Court
Location: Montana
Ticker Symbol: TAA

Hagens Berman represented employees of the now defunct Montana Power Company (MPC) who claimed two of the company's top officers as well as other members of the retirement plan committee caused employees to lose tens of millions of dollars in retirement savings during the company's recent and unsuccessful transformation from a stable gas and electric company to the highly speculative telecommunications company Touch America Inc. (NYSE:TAA).

The lawsuit claimed these and other yet to be named officers hid crucial information regarding the company's performance in the telecommunications field and failed to protect the pension plan in order to carry out their plan to transform the company and earn lucrative multi-million-dollar bonuses.

The proposed class action lawsuit represented all participants or beneficiaries of the Montana Power Company Retirement Plan, and sought restitution for their retirement plan losses.

For more information, please read the press release in the right-hand column.

For potential plaintiffs, please review the Plaintiff Sign-up Questionnaire. The questionnaire gives plaintiffs an opportunity to assist with the case by providing more detailed information about their MPC retirement plan and employment history.

For further assistance, contact Hagens Berman at 1-888-381-2889.

Recent Updates:

June 15, 2010 - A judge has issued a ruling approving the proposed settlement in the case.

June 29, 2007 - We are sorry to report that, on June 29, 2007, Judge Haddon granted the Northern Trust Company's motion for reconsideration, and granted Northern Trust's motion for summary judgement. Judge Haddon therefore dismissed all Plaintffs' claims against Northern Trust. We plan to appeal from this Order as soon as we are permitted to do so. (Because the partial Settlement against the individual defendants is still pending, we cannot appeal from the dismissal of Northern Trust unless and until Judge Haddon certifies the decision as a "final order." We have formally asked the judge to do so). We will post our Notice of Appeal on this website as soon as we file it.

The proposed partial settlement is still pending before Judge Haddon. We will mail an Official Notice to Settlement Class members when and if Judge Haddon authorizes us to do so.

January 26, 2007 - Arguments were heard on Northern Trust's motion for summary judgment and on plaintiffs' motion for summary judgment. Both motions were denied by the court, meaning the class' claims against Northern Trust will proceed to trial. The Court has not set a trial date.

Plaintiffs claim that Northern Trust refused to carry out Montana Power Company's plan when Montana Power Company decided to terminate the Employee Stock Ownership Plan (ESOP) in the summer of 2000. Had Northern Trust carried out the plan, all participants would have received proceeds from the sale of the unallocated shares of company stock in the ESOP, and they could have sold their shares of Company stock with the ESOP terminated.

November 29, 2006 - A proposed partial settlement was filed today between the plaintiffs and individual settling defendants, however, the partial settlement does not include Northern Trust Company.

According to the proposed partial settlement, settling defendants would provide a settlement fund of $4.4 million, to be allocated once the litigation against Northern Trust is concluded. It also provides that the settling defendants will cooperate with plaintiffs by testifying truthfully at the trial against Northern Trust.

The Court will consider whether to grant preliminary approval to the proposed partial settlement. If preliminary approval is granted, then notice will be sent to all class members, who will then have a chance to express their views on the proposed settlement to the Court. The Court will then set a date for a Final Approval hearing, at which he will decide whether to approve the Settlement. If the Settlement is finally approved, the money will be held in an interest-bearing account until the claims against Northern Trust are finally resolved. Thus, no allocation plan has been proposed and no request for fees has yet been made.

July 31, 2006 - Plaintiffs' motion for class certifications is granted by U.S. District Judge Sam E. Haddon. To view the certification order, please click here.

June 15, 2006 - In an order by U.S. District Judge Sam Haddon, the defendants' motion to dismiss the suit was denied after the court found the plaintiffs have sufficient evidence for a breach of fiduciary duty case under ERISA. This ruling removes significant roadblocks in bringing this case to trial.

In the same order, Judge Haddon scheduled a hearing for plaintiff's motion for class certification. The hearing is scheduled for July 28, 2006 at 2:00 PM at the Mike Mansfield Federal Courthouse in Butte, Mont.

        

Related Documents

	Montana Power Company Complaint
	Montana Power Company Plaintiff Sign-up Questionnaire
	Class Certification Order
	Final Partial Settlement Agreement
	Order - Defendant's Motion to Dismiss Denied