Precision Shareholder Litigation
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Welcome to the Precision Shareholder Litigation Website

Pursuant to the Court’s Notice entered on March 5, 2021, the Fairness Hearing scheduled for Friday, May 7, 2021 at 1:00 p.m. shall be conducted telephonically. All persons who wish to speak at the Fairness Hearing must submit a request that is received by the Court and the parties’ counsel on or before April 16, 2021. The call-in information is as follows -- Telephone Number: 571-353-2300; Conference ID: 471-531-204#; Access Code: 1996#.

Note from the Court: Please refrain from using a speaker phone during the hearing. Speak slowly, clearly, and do not talk over someone who is already speaking. Mute the microphone when not speaking. If dropped from the conference, please rejoin the conference and state your name after reconnecting. For complete conference connection instructions and etiquette guidelines, refer to: https://ord.uscourts.gov/cms.

This website has been established to provide general information related to the proposed settlement of the case known as NECA-IBEW Pension Trust Fund (The Decatur Plan), et al. v. Precision Castparts Corp., et al., Case No. 3:16-cv-01756-YY (the "Litigation"), pending before the United States District Court for the District of Oregon, Portland Division (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated January 8, 2021, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased, sold, or held Precision Castparts Corp. ("Precision") common stock during the period from and including October 9, 2015, the record date for Precision’s special meeting regarding the sale of Precision to Berkshire Hathaway Inc. (the "Merger"), through and including the consummation of the Merger on January 29, 2016 (the "Class").

The law firms of Robbins Geller Rudman & Dowd LLP and Berger Montague PC represent the Class, including you. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), on September 2, 2016, plaintiffs NECA-IBEW Pension Trust Fund (The Decatur Plan) and Angela Lohmann, the former trustee for the Angela Lohmann Revocable Trust (together, the “Original Plaintiffs”), filed the initial Class Action Allegation Complaint (the “Initial Complaint”).

On November 1, 2016, the Original Plaintiffs filed a motion seeking their appointment as lead plaintiffs and the appointment of Lead Counsel. On November 21, 2016, the Court granted the Motion to Appoint Lead Plaintiffs and appointed the Original Plaintiffs as Lead Plaintiffs and Lead Counsel as Lead Counsel.

Throughout proceedings the parties also participated in mediation efforts with a highly experienced mediator, Robert A. Meyer, Esq., of JAMS. On or around March 5, 2019, the parties submitted their respective mediation materials to Mr. Meyer. On March 13, 2019, the parties attended a mediation session in Los Angeles, California. While those initial mediation efforts were unsuccessful, the parties remained in regular contact with Mr. Meyer, keeping him updated about developments throughout the course of the Litigation. During this time, the parties’ counsel continued to discuss the potential for resolution of this matter with Mr. Meyer, as they had done periodically throughout this Litigation. After a series of discussions, Mr. Meyer informed the parties on October 14, 2020, of a mutual agreement in principle on the essential economic elements of a settlement of the Litigation. On October 14, 2020, the parties informed the Court of this agreement in principle to settle the Litigation. 

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement, if approved, will result in the creation of a cash settlement fund of $21,000,000.00 (the “Settlement Fund”). The Settlement Fund less taxes, tax expenses, notice and administrative costs, any award of attorneys’ fees and Lead Plaintiffs’ expenses (“Net Settlement Fund”) will be distributed to Class Members who submit valid, timely Proofs of Claim (“Claimants”) on a pro rata basis pursuant to the Plan of Allocation that is described in the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM The only way to receive a payment. Proofs of Claim must be postmarked or submitted online on or before May 6, 2021.
EXCLUDE YOURSELF Receive no payment. This is the only option that allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons concerning the issues raised in this Litigation. Exclusion requests must be postmarked no later than April 16, 2021.
OBJECT Write to the Court about why you oppose the Settlement, the Plan of Allocation, the request for attorneys’ fees, and/or the expenses of Lead Plaintiffs. You will still be a Member of the Class. Objections must be received by the Court and counsel on or before April 16, 2021.
APPEAR AT A HEARING ON MAY 7, 2021 Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before April 16, 2021.
DO NOTHING Receive no payment from the Settlement. Members of the Class who do nothing remain bound by the terms of the Settlement.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: May 6, 2021
File Objection: April 16, 2021
Request Exclusion: April 16, 2021
File Notice of Intention to Appear: April 16, 2021
Court Hearing on Fairness of Settlement: May 7, 2021, at 1:00 p.m.