NEW YORK, Sept. 9, 2008 (LAWFUEL) — Stull, Stull & Brody
announced today that the United States District Court for the Southern
District of Ohio, Eastern Division, has issued an order on Plaintiff’s
motion to class certification in the on-going ERISA 401(k) class action
which it commenced against American Electric Power Co., Inc. (NYSE:AEP)
(“AEP”) in 2003. The class action was brought on behalf of all
participants in AEP’s 401(k) defined contribution retirement plan who
purchased and/or held shares of the AEP Stock Fund at any time between
December 9, 1998 and December 31, 2002. The Complaint has alleged that
AEP and other fiduciaries of AEP’s 401(k) plan negligently managed and
administered the 401(k) plan and failed to disclose important
information to the participants of the plan, including information
about AEP’s allegedly improper energy trading and reporting practices.
The order, entered on September 8, 2008, denies Plaintiff’s motion for
class certification and directs further briefing on the issue of
whether Plaintiff’s claims brought under Section 502(a)(2) of ERISA (to
recover for AEP’s 401(k) plan losses suffered by the plan) may proceed
to judgment on the merits in the absence of an order granting class
certification. Plaintiff’s initial brief on this issue is to be filed
by September 26, 2008.
If you were a participant in AEP’s 401(k) plan holding AEP stock in
your plan account at any time between December 9, 1998 and December 31,
2002 and would like more information about the lawsuit, or about how
you may participate in the lawsuit in a lead or non-lead capacity, you
may contact Stull, Stull & Brody. There is no cost or obligation.
