ERISA Plaintiffs Settle With EDS

Law360, New York (June 25, 2008, 12:00 AM EDT) -- Electronic Data Systems Corp. has reached a tentative settlement in an Employee Retirement Income Security Act class action filed by more than 85,000 employees, who accused the technology services company of enticing improper investments of retirement funds into company stock.

On Wednesday, the plaintiffs' attorneys revealed that a multimillion-dollar deal had been reached in the long-standing case to put to rest the consolidated litigation in the U.S. District Court for the Eastern District of Texas.

“This settlement will provide for a payment of $12.5 million to...
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