From: "Cannon, Nancy B" <nancy.b.cannon@boeing.com>
To: "'Donald Shuper'" <dshuper@att.net>
Subject: RE: BOEING SECURITIES LITIGATION # C9717157Z
Date: Fri, 25 Jan 2002 16:10:10 -0800
Following is our response to your questions:
1. Has the Plan Administrator, trustee, or named owners of
the Boeing
shares or share equivalents been notified or taken any action
to protect my
interests in accordance with their fiduciary responsibilities?
Why or why
not? If so, when ?
A: The attorneys for the plaintiff class ("class counsel")
are
responsible for providing all notices to class members in the
Boeing
Securities Litigation. Boeing is not permitted to participate
in this
process. Class counsel have informed us that they have been working
with
Boeing's transfer agent, EquiServe, to provide all required notices
to class
members. Class counsel have also informed us that the trustees
of the
trusts holding the assets for the Boeing and McDonnell Douglas
Corporation
("MDC") pension and 401(k) plans are the persons to
whom they have given the
notices relating to transactions by the trusts during the class
period. We
have confirmed with the trustees that they did in fact receive
notice of the
action and the proposed settlement. We have also confirmed that
the
trustees will submit any claims to the settlement fund to be made
by the
trusts.
2. Can I file as a class member on my own on the basis of my fund
E
ownership during the times indicated?
A: The trustees of the respective trusts holding assets for the
Boeing and MDC pension and 401(k) plans are the persons to whom
class
counsel has provided notice with respect to the relevant purchases
and sales
of Boeing and MDC securities during the class period. This includes
purchases and sales for Fund E. The Company is not permitted to
advise
persons of whether they are, or are not, class members with respect
to their
personal transactions in the securities because the class was
an opposing
party in the underlying litigation and is represented by its own
attorneys.
It is the responsibility of class counsel working with the claims
administrator to answer questions about class membership, the
settlement,
and other details regarding the class's position in the litigation.
Their
respective contact information is as follows:
Class Counsel
Steve W. Berman
Clyde A. Platt
HAGENS
BERMAN LLP
1301 Fifth Avenue
Suite 2900
Seattle, WA 98101
206-623-7292
Patrick J. Coughlin
Randi D. Bandman
MILBERG WEISS BERSHAD HYNES
& LERACH LLP
100 Pine St., Suite 2600
San Franciso, CA 94111
415-288-4545
Claims Administrator
In re Boeing Securities Litigation
GILARDI & CO
P.O. Box 5100
Larkspur, CA 94977-5100
415-461-0410
*** NOTE - go to the site at Gilardi & Co, LLC and download two pdf files under label Boeing Securities for the details
3. Have I been automatically included or excluded?
A: As to the Boeing and MDC pension and 401(k) plans, see the
answers to questions 1 and 2 above. As to your individual circumstances,
this question should be directed to class counsel or the claim
administrator. Their addresses and phone numbers are listed above.
4. What steps must I take to protect my rights and possible
material
interests?
A: As to the Boeing and MDC pension and 401(k) plans, see the
answers to questions 1 and 2 above. As to your individual circumstances,
this question should be directed to class counsel or the claims
administrator. Their addresses and phone numbers are listed above.
5. Does the reinvestment of dividends during the time period
qualify me
as a 'buyer'?
A: As to the Boeing and MDC pension and 401(k) plans, see the
answers to questions 1 and 2 above. As to your individual circumstances,
this question should be directed to class counsel or the claims
administrator. Their addresses and phone numbers are listed above.
6. Does the Plan Administrator or current Fund manager have
the
responsibility to notify me, or just send me a check for whatever
proportional settlement may result.
A: The plan administrator, fund managers, and trustees of Boeing's
pension and 401(k) plans are not required by the Boeing Securities
Litigation settlement or by the plan or trust documents to notify
plan
participants of the Litigation or the proposed settlement.
If the trustees
receive a distribution pursuant to the Litigation, the plan administrator
will determine how the distribution will be allocated within the
plans and
will make that decision in accordance with the requirements of
the Employee
Retirement Income Security Act (ERISA).
7. For the Boeing Pension Plan:
1) There were approximately 7.5 Million shares of BA stock
in
the Pension Plan at year end. Valued at 373 Million. Has the Plan
Administrator, trustee, or named owners [Chase] of the Boeing
shares been
notified or taken any action to protect my interests in accordance
with
their fiduciary responsibilities? Why or Why not ? If so ,When
?
A: Class counsel is responsible for providing all notices to
class
members in the Boeing Securities Litigation. Boeing is not permitted
to
participate in this process. Class counsel have informed us that
they have
been working with Boeing's transfer agent, EquiServe, to provide
all
required notices to class members. Class counsel have also informed
us that
the trustees of the trusts holding the assets for the Boeing and
McDonnell
Douglas Corporation ("MDC") pension and 401(k) plans
are the persons to whom
they have given the notices relating to transactions by the trusts
during
the class period We have confirmed with the trustees that they
did in fact
receive notice of the action and the proposed settlement. We have
also
confirmed that the trustees will submit any claims to the settlement
fund to
be made by the trusts.
2) Does the Plan Administrator or current Fund manager have
the
responsibility to notify me.?
A: The plan administrator, fund managers, and trustees of
Boeing's
pension and 401(k) plans are not required by the Boeing Securities
Litigation settlement agreement or by the plan or trust documents
to notify
plan participants of the Litigation or the proposed settlement.
Nancy Beyer Cannon
Secretary, Employee Benefit Plans Committee
The Boeing Company
-----Original Message-----
From: Donald Shuper [mailto:dshuper@att.net]
Sent: Monday, January 21, 2002 9:11 PM
To: philip.m.condit@boeing.com; james.b.dagnon@boeing.com;
michael.r.vallerie@boeing.com; steve@hagens-berman.com
Cc: James.C. Johnson; Nancy B Cannon
Subject: BOEING SECURITIES LITIGATION # C9717157Z
Acknowledgement of receipt by e-mail or Fax [ xxxxxxx ] would
be appreciated. Response time is critical.
From Donald Shuper xxxxxx
This e-mail/fax is addressed to the following persons in their
capacity as named and/ or unnamed fiduciaries of the Boeing Pension
Plan(s) and the Boeing Voluntary Investment Plan [VIP].
Phil Condit - Chairman and CEO
Jim Dagnon- Chairman of the Employee Benefits Committee - e.g
Plan
Administrator
James Johnson - Corporate Secretary FAX # 312-544-2829
Nancy Cannon - Director of Benefits - Secretary of the Employee
Benefits Committee
Michael Vallerie - VP Compensation /Benefits and apparently a
Plan Administrator
Reference : BOEING SECURITIES LITIGATION # C9717157Z
Your expedient response is requested, since notice to the
court must be made by Jan 30, 2002
I have several questions regarding my rights as a plan
participant and expectations of appropriate fiduciary
responsibility of the company officers and the Plan
Administrator(s), named and unnamed.
Answers to my questions below are pertinent and material to
my interests, and required in sufficient time to file objections
in
the court by the date specified, Jan 30, 2002, if such is necessary
to protect my rights.
====
I am a 1995 Retiree -Boeing Heritage Pension Plan I was
also a participant in the VIP plan during 1997 , with shares in
Fund E [ Boeing Stock ] Jan 1997 thru ----1998. During that same
time, dividends on the equivalent BA shares I and others held
were
re-invested in Boeing stock. During the time from approximately
Oct
1, 1997 thru November 17, 1997, I and others were apparently unable
to exchange shares into or out of fund E. Which means that a
loss of about 4$/share was incurred, with a proportional change
in
unit values, as a result of the lockout.
I understand that notices to Class members were mailed out
a
few weeks ago. I have not received one, but I have obtained a
copy
of the court filing. I also note that Boyd Givan - one of the
named defendants in the class action was also a Plan Administrator,
before , during, and after the time periods noted. [ July 97 to
Oct
97 ] as shown in the 1996 -97 and 98 proxy statements.
I also note that at the end of the year 1997, there was
approximately 20 million shares of BA stock, worth approximately
$ 1
Billion in the Heritage Boeing VIP plan. And approximately 7.5
Million shares of BA in the Heritage pension plan. according to
Form
5500 filings for 1997, the VIP plan incurred a $115 million net
loss on investments in Fund E during 1997 meanwhile, Employees
invested or exchanged into fund E approximately $55 Million
For the VIP plan , my questions are:
1) Has the Plan Administrator, trustee, or named owners of
the
Boeing shares or share equivalents been notified or taken any
action
to protect my interests in accordance with their fiduciary
responsibilities? Why or Why not ? If so ,When ?
2) Can I file as a class member on my own on the basis of my
fund E
ownership during the times indicated?
3) Have I been automatically included or excluded ?
4) What steps must I take to protect my rights and possible
material
interests ?
5 ) Does the reinvestment of dividends during the time period
qualify me as a ' buyer' ?
6) Does the Plan Administrator or current Fund manager have
the
responsibility to notify me, or just send me a check for whatever
proportional settlement may result.
For the Boeing Pension Plan
1) There were approximately 7.5 Million shares of BA stock
in the
Pension Plan at year end. Valued at 373 Million. Has the Plan
Administrator, trustee, or named owners [Chase ] of the Boeing
shares been notified or taken any action to protect my interests
in
accordance with their fiduciary responsibilities ? Why or Why
not ?
If so ,When ?
2) 5) Does the Plan Administrator or current Fund manager have
the
responsibility to notify me.?
Thank you for your attention. XXXXX