Case Status
Settled
Motion to Dismiss Denied (In Full or in Part)
Class Certified
Settlement Amount
$4.4 Million
Case Caption
In re Touch America Holdings, Inc.
Position
Class Counsel
Attorneys
Steve W. Berman
Practice Areas
Class Action
Investor Fraud
Pension Protection
Court
U.S. District Court for the District of Montana
Case Number
02-CV-00106
Defendant(S)
Montana Power Company
File Date
Related Documents

Hagens Berman represented employees of the now defunct Montana Power Company (MPC) who claimed two of the company's top officers, as well as other members of the retirement plan committee, caused employees to lose tens of millions of dollars in retirement savings during the company's recent and unsuccessful transformation from a stable gas and electric company to the highly speculative telecommunications company Touch America Inc. (NYSE:TAA).

The lawsuit claimed these and other yet to be named officers hid crucial information regarding the company's performance in the telecommunications field and failed to protect the pension plan in order to carry out their plan to transform the company and earn lucrative multi-million dollar bonuses.

The class-action lawsuit represented all participants or beneficiaries of the MPC Retirement Plan, and sought restitution for their retirement plan losses.

CASE TIMELINE

Settlement Approved

Judge issued a ruling approving the proposed settlement in the case.

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