Bredthauer

Filing 230

ORDER APROVING DISTRIBUTION OF REMAINING ESOP FUNDS TO UNITED WAY OF THE MIDLANDS - IT IS THEREFORE ORDERED that the remaining $272.50 of cash in the TierOne Corporation Employee Stock Option Plan shall be distributed to the United Way of the Midlands, a charitable organization. Member Cases: 4:10-cv-03132-JFB-TDT, 4:10-cv-03139-JFB-TDT, 8:10-cv-00326-JFB-TDT Ordered by Judge Joseph F. Bataillon. (TCL )

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEBRASKA
SUSAN E. BREDTHAUER, et al.,
Plaintiffs,
v.
GILBERT G. LUNDSTROM, et al.,
Defendants,
and
RONALD A. LAIRD, et al.,
Plaintiffs,
vs.
GILBERT G. LUNDSTROM, et al.,
Defendants,
and
SUSAN BARKER,
Plaintiffs,
vs.
SAMUEL P. BAIRD, et al.,
Defendants.

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4:10CV3132

4:10CV3139

8:10CV326

Order Approving Distribution of Remaining ESOP Funds to
United Way of the Midlands
THIS MATTER comes before the Court on the stipulation of the parties (Doc. No.
229) to distribute the $272.50 remaining in the TierOne Corporation Employee Stock
Option Plan (the “ESOP”) to the United Way of the Midlands, a charitable organization

pursuant to the doctrine of cy pres. The Court, being duly advised in the premises, finds
that the stipulation should be approved. The Court further finds:
1. Plaintiffs filed suit herein alleging, in part, that Defendants breached fiduciary
duties to the ESOP pursuant to ERISA §§ 409 and 502(a)(2) of the Employee
Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 1109 and 1132(a)(2).
The court approved a class action settlement in this case and retained jurisdiction over
the case for various purposes, including but not limited to the relief requested in the
Stipulation.
2.

Distribution of the remaining $272.50 currently held in the ESOP to ESOP

participants is cost-prohibitive and impracticable. The anticipated fees and costs to
distribute the nominal remaining funds to the numerous ESOP participants would be in
excess of $272.50.
3. Under the circumstances, distribution of the $272.50 to United Way of the
Midlands is appropriate pursuant to the doctrine of cy pres.
IT IS THEREFORE ORDERED that the remaining $272.50 of cash in the TierOne
Corporation Employee Stock Option Plan shall be distributed to the United Way of the
Midlands, a charitable organization.
Dated: July 28, 2014
BY THE COURT:
s/ Joseph F. Bataillon
United States District Judge
Prepared and submitted by:
Brian S. Kruse (#21963)
Rembolt Ludtke LLP
1201 Lincoln Mall, Suite 102
Lincoln, NE 68508
[phone]
[e-mail]
27777.491
4811-5561-7052, v. 1

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