The ESOP Committee consisted of six employee members: one appointed by United Airlines, two by the International Association of Machinists and Aerospace Workers, and three by the Air Line Pilots Association. The ESOP Committee members deny any liability or wrongdoing.
"Throughout their service to the UAL ESOP participants, the ESOP Committee members discharged their duties in the best interests of participants and in accordance with law. This settlement does not constitute any finding of wrongdoing or liability on behalf of the Committee," said Rene E. Thorne of Proskauer Rose, attorneys for the ESOP Committee.
"We believe this ERISA class action settlement is in the best interests of the ESOP participants," said Andrew Volk of Hagens Berman Sobol Shapiro, LLP, counsel for Class Plaintiff members. "Under this settlement, Plaintiffs will obtain almost all of the available insurance proceeds covering the Committee members, and they can now proceed to trial against the remaining Defendant, State Street Bank & Trust Company." Class Plaintiff members are participants of the United Airlines Corporation ESOP during the period July 19, 2001 through June 30, 2003. Trial of the Plaintiffs Class members' claims against State Street is scheduled for October 17, 2005.