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Sprint Securities Litigation Settlement
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Fiduciary Counselors was retained
to act as independent fiduciary for the Sprint 401(k) plans in connection
with a class action settlement in the Sprint Corporation Securities Litigation.
Retained than two weeks before the deadline for opting in or out of the
settlement, Fiduciary Counselors retained outside counsel, conducted due
diligence and negotiated changes in the settlement that permitted the companion
ERISA litigation to go forward. As a result, Fiduciary Counselors was able
to determine that the settlement satisfied that the requirements of
a prohibited transaction exemption
issued by the Department of Labor. Fiduciary Counselors determined how claims
should be filed on behalf of the participants in the 401(k) plans, directed
the trustee to file those claims and continues to supervise the claims process. |
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An article about the transaction:
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"Understanding DOL’s New Class
Exemption for the Release of Claims and Extensions of Credit in Connection
With Litigation", BNA Pension & Benefits Reporter
(Bureau of National Affairs, January 13, 2004) (PDF) |
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© 2008 Fiduciary Counselors Inc.
All rights reserved. |
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