A settlement has been reached involving Eastman Kodak and some of its current and past employees over a class action lawsuit.
The settlement totals $9.7 million dollars. It has to do with lawsuits following Kodak’s 2012 bankruptcy filing, involving participants in the company’s savings and investment plan for employees and the Kodak Employee Stock Ownership plan.
More than 21,000 people are part of the class action. They argued that 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.
A final settlement was signed by the various parties involved last week. The agreement is still subject to a fairness hearing in August.
A portion of the nearly ten million dollars will go toward covering the costs of the settlement including attorneys’ fees.
People affected by the settlement do not need to do anything in order to get whatever money is owed them.
