In re Motorola Sec. Litigation, No. 09-1750 (7th Cir. 2011)
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Purchasers of common stock brought a class action alleging violations of federal securities laws; the case settled for $190,000,000. The same underlying facts resulted in an action by employees and former employees under ERISA; the company's 401(k) profit-sharing plan claimed a share of the settlement. The district court rejected the claim and the Seventh Circuit affirmed. Although individual plan participants did not purchase publicly-traded stock, the plan itself did so and is not excluded from the class definition of persons who purchased publicly traded common stock. The definition does, however, exclude any “affiliate” of the company and the plan is an affiliate. Plan administrators are either directors of the company or appointed by directors.
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