Thousands to Get a Piece of $9.7million Class Action Lawsuit

The settlement allows 21,000 current and former Kodak employees in class-action suit, to receive a part of a $9.7 million payout.

After Kodak filed for bankruptcy in early 2012, several lawsuits were filed against the company concerning the employees’ Savings and Investment Plan, as well as the Kodak Employee Stock Ownership Plan.

As reported by 13WHAM News the former employees claimed Eastman Kodak should be held liable for offering Kodak stock as an investment option, even after financial experts and bankruptcy attorneys determined Kodak’s financial situation was extremely poor, thus making its shares a bad investment.

Paperwork filed in federal court states that the $9.7 million settlement “is guaranteed to be allocated to the Settlement class members, after all Court-approved fees, awards, and expenses are deducted…Under the proposed Plan of Allocation, each Settlement Class member will be paid in proportion to their losses in either (or both) the ESOP or the SIP’s Kodak Stock Fund.”

Preliminary approval for the agreement was recently given by District Judge David Larimer.

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