LegalCaseDocs.com
shopping cart  
  |     
Search
 

 
New Visitors


 VeriSign Secure Site

 Get Adobe Reader

ROSS BUCKINGHAM v TOUCH AMERICA HOLDINGS INC Click to find out why . . .



Keywords & Phrases
CaseNo: RBVTAHI220717, CourtName: MISC 3, Plaintiff: ROSS BUCKINGHAM, State: MT Montana, UniqueCaseRef: LCD>RBVTAHI220717, Plan, Montana Power, Mpc, Company Stock, Gannon, Employees, Touch America, Retirement Plan Committee, Pederson, Touch America Holdings, Matching Contributions, Retirement Savings Plan, Duty, Account, Prudent Investment, Qwest, United States, Telecommunications, Fiduciary Duties, Esop Account, Divestiture, United States Securities, Subsidiaries Employee Retirement, Diversified Energy Company, Obligations, Fiduciaries, Northwestern, Regulatory Filings , ContentID: 120253779

Case Documents
1   COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 130190
30 pages
PDF
Total Documents: 1 document , 30 pages
Price: $ 19.95


IVESLCD01 KGI0001
 
 

 Forgot your password?


1 . COMPLAINT

EXTRACTED KEY WORDS
MONTANA POWER
DEFENDANTS
MPC
COMPANY STOCK
GANNON
EMPLOYEES
TOUCH AMERICA
RETIREMENT PLAN COMMITTEE
PEDERSON
TOUCH AMERICA HOLDINGS
MATCHING CONTRIBUTIONS
RETIREMENT SAVINGS PLAN
DUTY
ACCOUNT
PRUDENT INVESTMENT
QWEST
PLAINTIFFS
UNITED STATES
TELECOMMUNICATIONS
FIDUCIARY DUTIES
ESOP ACCOUNT
DIVESTITURE
UNITED STATES SECURITIES
SUBSIDIARIES EMPLOYEE RETIREMENT
DIVERSIFIED ENERGY COMPANY
OBLIGATIONS
FIDUCIARIES
NORTHWESTERN
REGULATORY FILINGS

 1     Andrew D. Huppert
       LEWIS, HUPPERT & SLOVAK, P.C.
 2     725 - 3rd Avenue North
       Great Falls, MT  59403
 3     Telephone: (406) 761-5595
       Facsimile:  (406) 761-5805
 4      Steve W. Berman
 5     Andrew M. Volk
       HAGENS BERMAN LLP
 6     1301 Fifth Avenue, Suite 2900
 7     Seattle, WA  98101
       Telephone:  (206) 623-7292
 8     Facsimile:   (206) 623-0594

 9     Attorneys for Plaintiffs

10
11                                       IN THE UNITED STATES DISTRICT COURT
                                              FOR THE DISTRICT OF MONTANA
12                                                    MISSOULA DIVISION

13
14     ROSS BUCKINGHAM and KIM MORAN,
       individually and on behalf of all others
15     similarly situated,
                                                                                  No.
16      Plaintiffs,

                                                                                  COMPLAINT
17      v.

18     TOUCH AMERICA HOLDINGS, INC. f/k/a
       MONTANA POWER COMPANY; THE
19     MONTANA POWER COMPANY
       RETIREMENT PLAN COMMITTEE,
20     ROBERT GANNON, JERROLD P.
       PEDERSON, and DOES 1 through 25,
21       Defendants.
22
23

24                                                  I. INTRODUCTION

25                 1.           Plaintiffs have alleged the following based upon the investigation

26     counsel, which included a review of United States Securities and Exchange Commission

SNIPPETS:
  • MONTANA POWER COMPANY; THE
  • RETIREMENT PLAN COMMITTEE,
  • 20 ROBERT GANNON, JERROLD P. PEDERSON, and DOES 1 through 25,
  • which included a review of United States Securities and Exchange Commission
  • filings by Touch America Holdings, Inc. f/k/a Montana Power Company ("Montana
  • Power," "MPC," or the "Company"), as well as regulatory filings and reports, securities
  • Plaintiffs believe that substantial additional evidentiary support will exist for the
  • 12 Company and Subsidiaries Employee Retirement Savings Plan during the period
  • 16 Committee and members of the Retirement Plan Committee are liable for breaching their
  • 22 MPC employees who were counting on the stability of their MPC stock that the Plan locked
  • Defendants Robert Gannon and Jerrold P. Pederson initiated a series of steps beginning
  • telecommunications unit and turn MPC into a full-blown telecommunications company.
  • 13 result of the divestiture scheme their shares would dramatically drop in value,
  • 21 that locked participants into MPC stock, and cease using the stock for matching
  • defendants performed their fiduciary duties and caused the divestment of the Plan's MPC
  • 25 Montana Power (and now NorthWestern) for 22 years in the corporate tax department.
  • 19 matching contributions from the Company and the Plan fiduciaries never advised Plan
  • 11 Neither the Company nor any of the other fiduciaries took any steps to divest the Company
  • 14 such account was a "Company Account," comprised of employer matching contributions
  • suspense account;" a fixed number of shares were released each quarter to meet the Company's
  • These shares comprised the "leveraged" portion of an individual's matching contributions, and
  • 19 remained primarily a stable, but stodgy, diversified energy company.
  • Power entity Touch America agreed to purchase certain telecommunications assets from Qwest
  • sale of the utility assets of Montana Power that conflicted with their duty to the Plan and
  • remained a prudent investment for the Plan.
  •    |