On December 18, 2000, the Court entered the Order by U.S. District Judge Richard P. Matsch approving the distribution of the settlement fund. Earlier, on July 28, 2000, the Court entered the Final Judgment and Bar Order by Judge Matsch approving the Settlement and dismissing the action with prejudice and without costs. Plaintiffs’ Counsel was awarded attorneys' fees in the amount of 25% of the Settlement Amount ($750,000.00) or $187,500.00 and reimbursement of expenses of $75,000.00 from the Settlement Amount.
The class action complaint charges defendents TCC Industries, Inc. and several of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that throughout the Class Period, defendants inflated the price of TCCI stock artificially by knowingly or recklessly disregarding that TCCI was unable to execute a plan to transform itself from a manufacturing company to a financial services company.