Montana Power Company
Judge issued a ruling approving the proposed settlement in the case.
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 class action lawsuit represented all participants or beneficiaries of the MPC Retirement Plan, and sought restitution for their retirement plan losses.
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