EDS resolves consolidated securities fraud action and ERISA class action
Client(s) Electronic Data Systems Corporation
Jones Day represented Electronic Data Systems Corporation and certain of its current and former officers and directors in a consolidated securities fraud action arising out of EDS' disclosure in September 2002 that its earnings would be lower than anticipated. We also represented the company and its former CEO on a securities law claim in a ERISA class action filed against the company and several of its directors and officers based on the same events at issue. Both cases were consolidated in an MDL proceeding in the Eastern District of Texas. The securities case settled shortly before trial and on March 7, 2006 the Court gave final approval of the settlement. Two class members appealed from the Court's orders. One of those appeals was dismissed by the Fifth Circuit on jurisdictional grounds on September 25, 2007, and the second appeal was voluntarily dismissed on June 15, 2007. A settlement of the ERISA case was also reached and was approved by the Court on August 6, 2008.
In re Electronic Data Systems Corporation Securities Litigation, No. 6:03-CV-1512 (E.D. Tex.)