Announcement of Filing Amended Class Action Complaint and Motion For Class Certification on Behalf of Current And Former Employees Who Are Participants in The TXU Corporation Thrift Plan February 23, 2004 - Cohen, Milstein, Hausfeld & Toll, PLLC. along with its co-counsel Schiffrin & Barroway, LLP and Lawson, Fields & Calhoun, P.C. announce the filing of a Consolidated Amended Class Action Complaint concerning the mismanagement of the TXU Thrift Plan 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) in connection with the purchase and holding of TXU stock by participants in the TXU Thrift Plan during the Class Period. This 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, N.W., Suite 500
Washington, D.C. 20005
Telephone: 888-240-0775 or 202-408-4600 The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., 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. For more information, please contact us at lawinfo@cmht.com. |
