Santa Clara, CA: Eastman Kodak has reached a $9.7 million settlement in a securities lawsuit brought by former and current employees, who allege Kodak should be held liable for continuing to offer Kodak stock as an investment option even though the company was in extreme financial distress, and therefore making its stock a risky investment.
The lawsuit stems from Kodak' 2012 bankruptcy filing, involving participants in the company' savings and investment plan for employees and the Kodak Employee Stock Ownership plan. The class action includes over 21,000 people.
The agreement is still subject to a fairness hearing scheduled to be held this August. The settlement includes costs and attorneys' fees.
People affected by the settlement do not need to do anything in order to get whatever money is owed them.