Weisman, Kennedy & Berris Co., L.P.A and Strauss Troy Co., LPA Announce Summary Notice of Pendency and Proposed Settlement of Shareholder Derivative Action
CLEVELAND, June 11, 2014 / PRNewswire –
IN THE COURT OF COMMON PLEAS
CUYAHOGA COUNTY, OHIO
ALFRED STRAUS, Derivatively on Behalf of Nominal Defendant Eaton Corporation, plc, and on Behalf of Nominal Defendant Eaton Corporation, Plaintiff, Case No.: CV 11 748467 v. Judge: John P. O'Donnell MICHAEL J. CRITELLI, ALEXANDER M. CUTLER, NET C. LAUTENBACH, DEBORAH L. McCOY, GREGORY R. PAGE, CHARLES E. GOLDEN, ARTHUR E. JOHNSON, TODD M. BLUEDORN, GEORGE S. BARRETT, LINDA A HILL, GERALD B. SMITH, VICTOR LEO, MARK MCGUIRE, TARAS SZMAGALA, ERNIE GREENE, JOHN R. MILLER, VICTOR A. PELSON, and GARY L. TOOKER, SUMMARY NOTICE OF Defendants, PENDENCY AND PROPOSED and SETTLEMENT OF SHAREHOLDER EATON CORPORATION, plc, and EATON DERIVATIVE ACTION CORPORATION Nominal Defendants. -------------------
TO: ALL FORMER AND CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF COMMON STOCK OF EATON CORPORATION (“COMPANY”) OR EATON CORPORATION PLC (“PLC”) AS OF JUNE 6, 2014 (“STOCKHOLDERS”).
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the Cuyahoga County, Ohio Court of Common Pleas that a proposed settlement has been reached in this putative shareholder derivative action.
A hearing will be held on July 23, 2014, at 1:30 p.m., before the Honorable John P. O’Donnell in Courtroom 18-D at the Cuyahoga County Court of Common Pleas, 1200 Ontario Street, Cleveland, Ohio 44113‑1678, for the purpose of considering, among other things: (i) whether the proposed settlement will be approved by the Court pursuant to the terms of the Stipulation and Agreement of Settlement (“Stipulation”); (ii) whether the Court should enter a judgment dismissing Plaintiff’s Complaint with prejudice and on the merits, including and all claims which arise out of or are related to the facts and/or circumstances set forth in Complaint; and (iii) whether the Court should approve the award to be made to Plaintiff’s Counsel for Plaintiff’s attorney fees, expenses, costs, and an incentive payment to Plaintiff, up to a total of six million dollars ($6,000,000). The Court has reserved the right to reschedule the hearing without further notice.
Your rights as a Stockholder may be affected by this action and the proposed settlement. Additional details regarding this action, including the Notice of Pendency and Proposed Settlement of Shareholder Derivative Action (“Notice”), are available at http://www.weismanlaw.com. You may also contact a representative of Plaintiff’s Counsel, Weisman, Kennedy & Berris Co., L.P.A., 1600 Midland Building, 101 Prospect Avenue, W., Cleveland, Ohio 44115, telephone +1-800-475-1189 or +1-216-781-1111, or Strauss Troy Co., LPA, 150 East Fourth Street, Cincinnati, Ohio 45202-4018, telephone +1-513‑621-2120, for further information.
If you are a current Stockholder, you may have the right to object to any aspect of the Settlement and may appear in person or through counsel at the hearing. Stockholders who have no objection to the proposed settlement need not take any further action. Any objections to the settlement, including Plaintiff’s Counsel’s request for attorney fees, expenses, costs, and an incentive payment to Plaintiff, must be filed and served, in accordance with the procedures set forth in the Notice, no later than July 14, 2014.
IF YOU CHOOSE TO OBJECT, YOU MUST FOLLOW THE PROCEDURES SET FORTH IN THE NOTICE OR YOU WILL NOT BE HEARD, AND NO PAPERS, BRIEFS, OR OTHER DOCUMENTS BY YOU WILL BE RECEIVED AND CONSIDERED BY THE COURT.
Any Person who fails to object or otherwise request to be heard in the manner prescribed in the Notice will be deemed to have waived the right to object to any aspect of the settlement (including the right to appeal) or to request to be heard at the hearing, and will be forever barred from raising such objection or request in this or any other related action or proceeding.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE ABOUT THIS NOTICE. Dated: June 6, 2014 BY ORDER OF THE CUYAHOGA COUNTY, OHIO COURT OF COMMON PLEAS