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Case Status:    SETTLED
On or around 07/01/2002 (Date of order of final judgment)

Filing Date: September 30, 1999

According to UNUMProvident's Form 10-Q For The Quarterly Period Ended June 30, 2002, in October 2001, the parties reached an agreement to settle the litigation. Under the terms of the settlement, the Company paid $45 million to settle all claims that were or could have been asserted in the litigation by the class, which includes all persons who exchanged the stock of Unum or Provident for the common stock of UnumProvident pursuant to the joint proxy/registration statement or otherwise acquired UnumProvident common stock traceable to the joint proxy/registration statement on or before August 3, 1999, other than the defendants and their officers, directors, affiliates, and subsidiaries. On June 27, 2002, the district court entered an order that, among other things, finally approved the terms of the settlement. On June 28, 2002 the district court entered an Order and Final Judgment that, among other things, dismissed all claims against the defendants with prejudice and released the defendants from all claims that were or could have been asserted in the litigation and barred any member of the class that did not opt out of the settlement from asserting any claims against the defendants arising out of the subject matter of the litigation.

Apart from a $1.0 million deductible, the entire amount paid under the settlement, as well as the attorneys’ fees and expenses incurred by the Company defending the litigation, have been covered under the Company’s insurance policies.

The original complaint alleges that defendants violated the federal securities laws, including Sections 10(b), 14(a) and 20 of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(2) and 15 of the Securities Act of 1933, as amended, by making false and misleading statements in press releases, filings with the Securities and Exchange Commission, including the Joint Proxy concerning, among other things, understating reserves for disability insurance claims, and merger costs, which resulted in the overstatement of UNUMProvident's and UNUM's total assets, shareholders' equity, and net income.

The complaint further alleges that in connection with the merger between UNUM and Provident Companies, Inc. ("Provident"), defendants issued the false and misleading Joint Proxy, which failed to disclose, among other things: the adverse impact of increased disability insurance claims on the earnings of UNUMProvident; that Provident was allegedly deriving a material portion of its income by improperly denying disability insurance claims and that there had been law suits filed against Provident for such; and that both UNUM and Provident due diligence reviews in regard to the merger were limited in scope by agreement.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Accident & Health)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: UNM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Maine
DOCKET #: 99-CV-00301
JUDGE: Hon. Gene Carter
DATE FILED: 09/30/1999
CLASS PERIOD START: 02/04/1998
CLASS PERIOD END: 08/02/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  2. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
COURT: D. Maine
DOCKET #: 99-CV-00301
JUDGE: Hon. Gene Carter
DATE FILED: 02/23/2000
CLASS PERIOD START: 02/04/1998
CLASS PERIOD END: 08/02/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  2. Adkins & Kelston, P.C.
    90 Canal Street - 5th Floor, Adkins & Kelston, P.C., MA 2114
    617.367.1040 · info@akzlaw.com
  3. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  4. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  5. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  6. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  7. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  8. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  9. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  10. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  11. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  12. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date