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PATRICIA FOX, ET AL. V. HERZOG, HEINE & GEDULD ERISA/ESOP LITIGATION CASE #:01-CV-1827 (WJM) Plaintiffs Patricia Fox and Maria Cardeno (collectively, "Plaintiffs") bring this action as participants in and beneficiaries of the Herzog, Heine & Geduld ("HHG") Employee Stock Ownership Plan and Trust ("ESOP"). Although the Plaintiffs are no longer employed by HHG, they maintain this special action (similar to a class action) under the federal ERISA statute, to recover the value of the unallocated shares for the HHG ESOP and all of its participants as of the July 14, 2000 merger of HHG into MLIS, Inc., a subsidiary of Merrill Lynch Co., Inc. Plaintiffs and all Defendants filed cross-motions for summary judgment in October 2005. On December 27, 2005, the Court issued a decision granting Defendants' motion, denying Plaintiffs' motion and dismissing the action in its entirety. Plaintiffs filed an appeal from that decision on January 25, 2006. The case was set for oral argument on January 8, 2007 in Philadelphia, Pennsylvania before the U.S. Court of Appeals for the 3rd Circuit Court. Counsel was informed on December 13, 2006 that the oral argument scheduled for January 8 has been cancelled and the Court will decide the case based on the parties' briefs. The Court issued its decision on April 16, 2007, affirming the District Court's grant of summary judgment in the matter. A link to the decision is provided below. The following information consists only of matters of public record filed in the U.S. District Court for the District of New Jersey in a case styled "Patricia Fox, et al., v. Herzog, Heine & Geduld, Inc., et al." These filings are meant to inform all of the ESOP participants of the status of the litigation filed against HHG, State Street Bank, and the other defendants. As additional filings are made with the Federal District Court, they may be posted on this site. Nothing contained herein is intended to, or does, constitute a waiver of the attorney-client privilege. For a small fee, you may also obtain copies of documents directly from the Court using the following link: https://ecf.njd.uscourts.gov Updated 10/29/2007 |
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