Welcome to the Settlement website for the In Re Huntington Bancshares Inc. ERISA Litigation, Case No. 2:08-CV-0165 (the “Litigation”). This website has been established to provide general information related to the Litigation and the resulting Settlement. The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Class Action Settlement Agreement.
Background of the Litigation
On February 20, 2008, former Huntington employee and Huntington Investment and Tax Savings Plan participant, Named Plaintiff Hilda Riccio filed a Complaint in the United States District Court for the Southern District of Ohio alleging that Defendants had breached their fiduciary duties to her, the Plan and other participants and beneficiaries of the Plan in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”). Two additional and substantially identical cases were filed and by court order dated May 22, 2008, the Court consolidated the three ERISA cases.
The Action alleges that Defendants breached fiduciary duties in violation of ERISA, by, among other things, (1) allowing the Plan to purchase and hold the common stock of Huntington at a time when Huntington’s stock was an unsuitable and imprudent investment for the Plan, and (2) misrepresenting and failing to disclose information concerning Huntington’s financial condition, including information concerning the alleged risks of Huntington’s merger with Sky Financial Group, Inc.
On October 6, 2008, Defendants filed a motion to dismiss the consolidated Amended Complaint and on February 9, 2009 the Court dismissed with prejudice in favor of the Defendants. Subsequently on March 6, 2009, Plaintiffs appealed the dismissal to the United States Court of Appeals for the Sixth Circuit.
Settlement Negotiations
The Settlement Agreement was reached while the appeal was pending. Beginning on April 13, 2009, the parties participated in a mediation program conducted by the Office of the Circuit Mediators of the United Court of Appeals for the Sixth Circuit Court of Appeals (“Office of the Circuit Mediators”). The settlement negotiations in this matter were hard fought and even contentious at times. It was not until November 30, 2009, following months of arm’s-length negotiations and mediation sessions with an independent mediator -- Mariann Yevin -- from the Office of the Circuit Mediators that the Parties, through their attorneys, reached an agreement.
The Settlement Class
The Settlement Class is defined as follows:
All persons, excluding the Defendants, who participated in the Plan for whose individual accounts the Plan purchased or held units in the Huntington Stock Fund at any time from July 1, 2007 through April 1, 2009, inclusive.
The Settlement
Huntington will set up a fund in the amount of $1,450,000. The Settlement Agreement provides for certification of the Class as a non-opt-out class action under Federal Rules of Civil Procedure 23(b)(1) and/or 23(b)(2) and the Court has preliminarily determined that the requirements of those provisions have been satisfied. Thus, it is not possible for any Class members to exclude themselves from the Settlement. As a Class member, you will be bound by any judgments or orders that are entered in the Litigation for all claims that were or could have been asserted in the Litigation or are otherwise released under the Settlement.
The Court will hold the non-oral Fairness Hearing at 9:00 a.m. on November 28, 2011, at the United States District Court for the Southern District of Ohio, Joseph P. Kinneary U.S. Courthouse, 85 Marconi Boulevard, Columbus, Ohio 43215 in the Courtroom then occupied by United States District Judge Gregory L. Frost. At that non-oral hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. The Court will also consider Class Counsel’s application for Attorneys’ Fees and costs and for the Named Plaintiffs’ Case Contribution Awards at the non-oral hearing. Because the fairness hearing on November 28 is a non-oral hearing, there will be no in-person hearing on that date. Attendance at the hearing is not permitted or required.
If you have questions about the Settlement please send an email to HuntingtonERISAsettlement@ktmc.com. This e-mail will go to Class Counsel and will be directed to the individuals handling the Settlement. Class Counsel have also set up a toll free number, 877-226-1883, if you prefer to call with your questions.