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Welcome to the In re Syncor ERISA Litigation Class Action Settlement website. This website has been established to keep class members informed about the Litigation and Settlement.
5/21/2009 - COURT AWARDS ATTORNEYS’ FEES AND NAMED PLAINTIFFS’ CASE CONTRIBUTION AWARDS
Plaintiffs’ Class Counsel are pleased to announce that the Honorable R. Gary Klausner has entered the Order awarding attorneys’ fees and expenses and Named Plaintiffs’ Case Contribution Awards. Judge Klausner awarded Plaintiffs’ Class Counsel $1.3 million in attorneys’ fees and $106,661.29 in reimbursable expenses, both of which will be paid by the Company and will not be paid from the proceeds of the Settlement Fund. Additionally, each of the three Named Plaintiffs was awarded $2,500, to be paid out of the Settlement Fund, for their efforts and assistance in prosecuting this litigation. The process of implementing the distribution of the settlement proceeds will thus begin in the near term. Each Class member will be notified of his/her settlement proceeds once the distribution is complete. Please continue to visit this website for additional information and updates.
12/10/2008 - COURT APPROVES SETTLEMENT
Plaintiffs' Class Counsel are pleased to announce that the Honorable R. Gary Klausner has entered the Order & Final Judgment approving the Settlement of this matter. No appeals were filed within the allotted timeframe. Thus, the Settlement has become final. Please continue to visit this website for updates about the Settlement and allocation of Settlement funds. Follow this link to view the Order & Final Judgment.
In February 2004, Named Plaintiffs Carol Pilkington, Donna Brown, Cynthia Dunn, Antoinette Hart, Shirley Nobrega, Deborah Pinner, Pamela Thomson, and Cherie Brannan? ("Plaintiffs"), on behalf of themselves and the Settlement Class, filed a Consolidated Complaint for Breach of Fiduciary Duty under the Employee Retirement Income Security Act of 1974 ("ERISA"). In the Complaint, Plaintiffs claimed that Defendants breached their fiduciary duties under ERISA by continuing to allow the investment of the Plan's assets in Syncor company stock during the Class Period even though Syncor stock was an imprudent investment. The Defendants in this Action are Syncor International Company, Monty Fu and Robert G. Funari.
The Defendants deny any wrongdoing. The Court has not ruled in favor of either side. Both sides agreed to the settlement to ensure a resolution, avoid the cost and risk of continued litigation, and/or to provide a recovery to Class Members.
The Court certified this action naming only Plaintiffs Pilkington, Nobrega and Thomson as the Class Representatives. Also, this action was certified under the Federal Rules of Civil Procedure as a "non opt-out" class action because of the way ERISA operates. Thus, it is not possible for any participants or beneficiaries to exclude themselves from the Settlement. As a Settlement Class Member, you will be bound by any judgments or orders that are entered in the Action for all claims that were or could have been asserted in the Action or are otherwise included in the release under the Settlement. Class Members include the following:
ALL PARTICIPANTS IN THE SYNCOR INTERNATIONAL CORPORATION EMPLOYEES' SAVINGS AND STOCK OWNERSHIP PLAN (THE "PLAN") AND THEIR BENEFICIARIES, EXCLUDING THE DEFENDANTS AND THEIR IMMEDIATE FAMILY MEMBERS, FOR WHOSE ACCOUNTS THE FIDUCIARIES OF THE PLAN MADE OR MAINTAINED INVESTMENTS IN SYNCOR STOCK FOR THE PLAN BETWEEN JULY 26, 2000 AND JANUARY 1, 2003 (THE "SETTLEMENT CLASS").
The Defendants agreed to create a settlement fund of $4 million dollars, plus interest, to be divided among eligible Class Members, after compensation payments to the Named Plaintiffs, and payment of other costs and expenses of the Settlement. The Settlement Agreement describes the details of the proposed Settlement. This Settlement releases certain claims against the Company and the individual Defendants with respect to the investment of the Plan's assets in Company stock during the Class Period.
On July 29, 2008, the Court conditionally granted Plaintiffs' Motion for Preliminary Approval of Class Action Settlement. At the Final Fairness Hearing, to be held October 6, 2008 at 9:00 a.m., the Court will decide whether to approve the Settlement. After final approval of the settlement, the Court has invited Class Counsel to file a petition for fees and costs in an amount not to exceed 1/3 of the Settlement Fund. The Court has also invited Class Counsel to file a petition for named plaintiffs' enhancement fees in an amount up to $2,500 each in recognition of their efforts and assistance in prosecuting this litigation. If approved, the attorneys' fees and reimbursement of expenses will be paid by Cardinal Health, Incorporated (successor-in-interest to Syncor International Corporation), not out of the Settlement Fund. To date, Class Counsel have not received any payment for their services in prosecuting this Action on behalf of the Settlement Class, nor have counsel been reimbursed for their out-of-pocket expenses.
If you have any questions about the In re Syncor ERISA Litigation, please send an email to: syncor@kellerrohrback.com. This e-mail will go to the law office of Keller Rohrback L.L.P. and will be directed to the individuals handling the Settlement. Class Counsel has also set up a toll free number, 1-866-547-9894, if you prefer to call with your questions.
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