Kodak Settles Stock-Drop Lawsuit

Participants in Kodak's 401(k) and ESOP filed a class action lawsuit in 2012 after the Kodak stock in their accounts became worthless due to Kodak's bankruptcy, and on April 27 a federal district court judge approved a $9.7 million settlement. The suit alleged that Kodak CEO Antonio Perez held a town hall meeting three months before the bankruptcy filing, in which he told workers that the company would not file for bankruptcy and encouraged them to "hang in there."