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- Posted September 01, 2010
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News (AP) - Ford settles lawsuit over employee stock losses
DETROIT (AP) -- Ford Motor Co. has settled a lawsuit over losses suffered by nonunion employees and retirees who held company stock in retirement accounts.
The company will offer free investment advice for four years but no money will be paid except to lawyers.
In a court filing last Friday, lawyers for plaintiffs say Ford Motor's improved health and stock price could have helped the company win the lawsuit or defeat some claims.
Ford Motor stock now trades above $11 after falling below $2 in 2008. The lawsuit alleged that the company allowed employees to put too much stock in retirement accounts between 2000 and 2006.
Lawyers for the plaintiffs will not seek more than $1.475 million. A federal judge in Detroit must approve the deal.
Published: Wed, Sep 1, 2010
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