According to news reports, Kodak’s CEO Antonio Perez and several Kodak board members are cited in the lawsuit filed by Mark Gedek on behalf of himself and others who are part of Kodak’s employee savings and investment plan. Gedek claims that when Kodak filed for bankruptcy protection earlier this month, the company failed to take action to protect the plan or its participants from financial loss. (See Kodak Bankruptcy Shouldn’t Affect Pensions).
The lawsuit also states that Kodak “breached” its duties by not loyally managing the savings and investment plan or providing accurate information to participants regarding the company’s dire financial situation.
The lawsuit also involves the Kodak Employee Stock Ownership Plan.
According to reports, in a statement, Kodak said: “We believe [the lawsuit] is without merit, and will vigorously defend against it.”