Hagens Berman Sobol Shapiro Appointed Co-Lead Counsel on Behalf of General Motors ERISA Plan Participants

05/13/2005

Hagens Berman Sobol Shapiro has been appointed co-lead counsel on behalf of General Motors ERISA plan participants and their beneficiaries. Plaintiffs allege that General Motors and other plan fiduciaries imprudently managed the plan's assets, causing employee-owners to incur great losses.

The case concerns two General Motors ERISA Plans - the Personal Savings Plan for Hourly Employees, and the Savings-Stock Purchased Program for Salaried Employees - both holding large amounts of General Motors stock. Plaintiffs claim that despite General Motors' financial problems and the companies plummeting shares, GM and plan fiduciaries ignored these troubles, relying on false projections to mask the extent of the company's financial woes.

The plaintiffs also claim that the defendants should have acted to protect the ERISA plans and its participants from the losses they incurred.

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About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law firm with offices in nine cities. The firm has been named to the National Law Journal’s Plaintiffs’ Hot List seven times. More about the law firm and its successes can be found at www.hbsslaw.com. Follow the firm for updates and news at@ClassActionLaw.

Contact
Ashley Klann
ashleyk@hbsslaw.com
206-268-9363


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09/18/08: Case Settled

On June 5, 2008, the District Court granted final approval to the Settlement. However, on June 23, 2008, a Notice of Appeal from the Settlement was filed with the United States Court of Appeals from the Sixth Circuit. Ultimately, the settlement resulted in $37.5 million for General Motors ERISA plan participants and their beneficiaries in addition to significant revision of retirement plan administration.