Thank you for sharing!

Your article was successfully shared with the contacts you provided.
ARGUED OCTOBER 23, 2008 & MAY 27, 2010

Before BAUER, WOOD, and TINDER, Circuit Judges.

The two cases that we have consolidated for decision in this opinion both deal with the responsibilities of a company with respect to a defined-contribution pension plan that it offers to its employees. The company in each instance is Motorola, Inc., and the disputes concern employees’ retirement accounts in the Motorola 401(k) Savings Plan (the “Plan”). Bruce Howell was the original plaintiff when this litigation began in 2003; later, Stephen Lingis, Peter White, and Donald Smith intervened as plaintiffs. All were employees of Motorola who participated in the Plan. In 2007, the district court certified a plaintiff class of all persons for whose individual accounts the Plan purchased or held shares of Motorola common stock, from May 16, 2000, through May 14, 2001. (The court later excluded from that class the defendants, Motorola officers and directors, and persons who signed valid releases of their claims against Motorola. Since no issue pertaining to the class certification or definition is before us, we have no other comment on those points.) The defendants include not only Motorola itself, but also the Profit Sharing Committee of Motorola, Inc., and a number of individual defendants who allegedly served as fiduciaries for the Plan. We describe the facts in detail below. It is enough here to say that Motorola entered into a business transaction that turned out very badly; the fallout from that transaction caused the price of Motorola’s stock to decline; that decline led to litigation against Motorola under the securities laws; and finally, because a Motorola Stock Fund was among the permissible investments for the Plan, this litigation ensued.

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Team Accounts

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now

African Legal Awards (AFLA) 2022

September 02, 2022

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.

Learn More

China Law & Practice Awards (CLPA) 2022

September 08, 2022

The annual China Law & Practice Awards is the jurisdiction's most prestigious legal awards ceremony that applauds China's elite.

Learn More

Texas Legal Awards (TXLA) 2022

September 14, 2022
Dallas, TX

The Texas Lawyer honors attorneys and judges who have made a remarkable difference in the legal profession in Texas.

Learn More

Litigation Associate

A well-respected regional law firm that has represented businesses in Tampa Bay for decades is seeking a commercial litigation associate to ...

Apply Now ›


The Superior Court of Fulton County, Atlanta JudicialCircuit is soliciting applicants for the appointment of a full- time circuit-wide juven...

Apply Now ›


Downtown A/V rated Plaintiff's personal injury law firm seeks paralegal with experience in pleadings, motions, discovery, calendar, mediatio...

Apply Now ›



Montgomery McCracken Walker & Rhoads LLP wants to announce the Happy Retirement, Honorable Joel Rosen!

View Announcement ›



DEASEY MAHONEY & VALENTINI LTD is proud to announce that Lauren M. Steins and Leanna B. Ruotanen have been named Partners of the firm.

View Announcement ›



Parrett, Porto, Parese & Colwell, P.C. welcomes attorneys Alison L. Broad and Andrew I. Schaffer as principals of the firm.

View Announcement ›