Cohen, Milstein, Hausfeld & Toll Announces Amended Class Action Complaint on Behalf of Current And Former Employees Who Are Participants in The TXU Corporation Thrift Plan.Business Editors/Legal Writers WASHINGTON--(BUSINESS WIRE)--Feb. 23, 2004 Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, PLLC PLLC Professional Limited Liability Company PLLC Polk Life and Learning Center (Bartow, FL) PLLC Partners of Limited Liability Corporation along with its co-counsel Schiffrin & Barroway, LLP LLP - Lower Layer Protocol and Lawson, Fields & Calhoun, P.C. announce the filing of a Consolidated Amended Class Action Complaint concerning the mismanagement mis·man·age tr.v. mis·man·aged, mis·man·ag·ing, mis·man·ag·es To manage badly or carelessly. mis·man  age·ment n. of the TXU TXU Texas Utilities (Electric and Gas Company)TXU Transmitter Unit Thrift Plan Thrift plan A defined contribution plan in which an employee contributes, usually on a before-tax basis, toward the ultimate benefits that will be provided. The employer usually agrees to match all or a portion of the employee's contributions. by TXU Corporation and the Plan fiduciaries. The Amended Complaint seeks to expand the class period to include present and former employees of TXU who held or acquired TXU stock through the TXU Thrift Plan (i.e. the TXU 401k Plan) between April 26, 2001 through October 11, 2002. This lawsuit alleges that TXU, the company's Board of Directors, and the Thrift Plan Committee violated federal pension law (ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). ) in connection with the purchase and holding of TXU stock by participants in the TXU Thrift Plan during the Class Period. This litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. alleges these fiduciaries of the Thrift Plan breached their fiduciary duties from April 26, 2001 through October 11, 2002 when TXU and its management (including some of these fiduciaries), disseminated materially inaccurate, incomplete, and misleading statements and omissions regarding the financial condition of TXU. As a result, this lawsuit alleges that TXU's stock was traded at artificially inflated prices. When the full truth was finally revealed on October 14, 2002, the Complaint alleges that the TXU Thrift Plan and its participants suffered a stunning loss in value of their investment in TXU stock as a result of the breaches by these Defendants' fiduciary duties. The goal of this litigation is to restore Plan losses in TXU stock to the accounts of current and former TXU employees in the Plan. Plaintiffs in this litigation have recently filed a motion seeking to have this litigation certified as a class action. If you are a present or former employee of TXU who held or acquired TXU stock (TXU) through the company 401(k) plan between April 26, 2001 through October 11, 2002 and you are interested in learning more about the case, or if you have information which might assist us in the litigation of these allegations, please contact one of the following persons: R. Joseph Barton, Esq., jbarton@cmht.com Abby Gustafson, agustafson@cmht.com Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue The following roads are named New York Avenue:
Washington, D.C. 20005 Telephone: 888-240-0775 or 202-408-4600 The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., www.cmht.com, is a nationally recognized plaintiffs' class action law firm and has significant experience in representing investors, employees, consumers and small employers injured by corporate misconduct. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein's ERISA practice is headed by Marc I. Machiz, formerly the Department of Labor's chief ERISA lawyer and the firm currently represents employees in a number of significant ERISA class actions, including publicly traded employer stock acquired by 401(k) retirement savings plans. |
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