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SOURCE Milberg LLP
NEW YORK, Sept. 30, 2013 /PRNewswire/ --
In the United States District Court for the District of Rhode Island, in In re Textron, Inc. ERISA Litigation, Civil Action No. 09-383-ML, a summary notice has been issued as follows:
Summary Notice of Proposed Class Action Settlement and Scheduling of Final Fairness Hearing
To: All Persons who were participants in or beneficiaries of the Textron Savings Plan (the "Plan") at any time between July 17, 2007 and December 31. 2011 and whose accounts included investments in the Textron Stock Fund.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO A PAYMENT FROM THE SETTLEMENT FUND. PLEASE READ CAREFULLY.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-referenced action has been certified as a class action for purposes of a proposed $4.375 million cash settlement, subject to review and final approval by the Court. As part of the proposed settlement, class members who show a loss under the proposed Plan of Allocation may be entitled to a payment from the settlement. You do not need to do anything to receive a payment under the settlement but your rights will be affected. The settlement includes a release of any claims related to the administration of the Plan, the selection of investment options under the Plan, and disclosures about the Textron Stock Fund and the company's financial condition.
A hearing has been scheduled before Chief Judge Mary M. Lisi of the United States District Court for the District of Rhode Island in the Federal Building and United States Courthouse, One Exchange Terrace, Providence, RI 02903-1270, at 11:00 a.m. on January 24, 2014 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the proposed Plan of Allocation and Plaintiffs' Counsel's applications for attorneys' fees, expenses and case contribution awards.
YOU CANNOT EXCLUDE YOURSELF FROM THE SETTLEMENT. You can, however, file written comments or objections with the Court. You or your lawyer may also appear and request the opportunity to speak at the hearing at your own expense. To do so, you must send your comments and objections to the Court and the parties' attorneys no later than November 27, 2013. Detailed instructions can be found on the court's website, www.rid.uscourts.gov, and on the Settlement Website at www.gilardi.com/TextronERISASettlement, where you can also obtain a more detailed notice about the terms of the settlement, how the existence of a qualifying loss will be determined and how the payments will be calculated, along with the settlement agreement and related materials. Additional information and materials, including class counsel's application for attorneys' fees, will be posted on the Settlement Website as they are filed with the Court. You may also write to Textron ERISA Litigation Settlement, P.O. Box 8040, San Rafael, CA 94912-8040 to request copies of these materials.
All other inquiries may be made by writing to Class Counsel at:
Arvind B. Khurana, Esq.
One Penn Plaza
New York, NY 10119-0165
Published by Order of the U.S. District Court for the District of Rhode Island
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