Summary
This 8-K filing from CMS Energy Corporation (CMS) on June 28, 2006, primarily reports on a significant legal development concerning employee retirement plans. The company and its subsidiary, Consumers Energy Company, have received final court approval for a settlement in two consolidated class-action lawsuits. These lawsuits, filed in 2002, alleged mismanagement of the CMS Energy Employees' Savings Plan between August 2000 and December 2004.
Key Highlights
- 1CMS Energy and Consumers Energy Company received court approval for a settlement of class-action lawsuits related to their Employees' Savings Plan.
- 2The lawsuits, filed in 2002, covered the period from August 3, 2000, to December 27, 2004.
- 3The settlement was approved by the Honorable George Caram Steeh of the United States District Court for the Eastern District of Michigan.
- 4The court entered the Order and Final Judgment on June 27, 2006, with minor modifications to the proposed settlement.
- 5The defendants in the lawsuits included CMS Energy, Consumers Energy, CMS Energy Resource Management Company (formerly CMS Marketing, Services and Trading Company), and certain officers and directors.
- 6This filing serves as an update on the resolution of the previously announced settlement agreement.
Frequently Asked Questions
The main event is the final court approval of a settlement for two consolidated class-action lawsuits concerning the CMS Energy Employees' Savings Plan.
The lawsuits were brought on behalf of participants and beneficiaries of the CMS Energy Employees' Savings Plan. The defendants included CMS Energy, Consumers Energy Company, CMS Energy Resource Management Company, and certain officers and directors.
The lawsuits covered participants and beneficiaries of the plan who were involved between August 3, 2000, and December 27, 2004.
The court entered the Order and Final Judgment approving the settlement on June 27, 2006, following a hearing on June 15, 2006.