Guidant ERISA Plaintiffs Seek OK For $7M Settlement

Law360, New York (March 22, 2010, 1:04 PM EDT) -- A group of former Guidant Corp. employees has requested the certification of a class for a proposed $7 million settlement in a consolidated action accusing the defibrillator maker and its officers of breaching their fiduciary duty by mismanaging the company's employee pension plan.

The plaintiffs submitted their unopposed motion for preliminary approval of the settlement in the U.S. District Court for the Southern District of Indiana on Thursday, asking the court to certify a settlement class of participants in or beneficiaries of the Guidant employee savings...
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