Delta Airlines 2009 Annual Report Download - page 28
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Table of Contents
Delta Family-Care Savings Plan Litigation
On March 16, 2005, a retired Delta employee filed an amended class action complaint in the U.S. District Court for the Northern District of Georgia
against Delta, and certain current and former Delta officers and directors on behalf of himself and other participants in the Delta Family-Care Savings Plan
("Savings Plan"). The amended complaint alleges that the defendants were fiduciaries of the Savings Plan and, as such, breached their fiduciary duties under
ERISA to the plaintiff class by (1) allowing class members to direct their contributions under the Savings Plan to a fund invested in Delta common stock; and
(2) continuing to hold Delta's contributions to the Savings Plan in Delta's common and preferred stock. The amended complaint seeks damages unspecified in
amount, but equal to the total loss of value in the participants' accounts from September 2000 through September 2004 from the investment in Delta stock.
Defendants deny that there was any breach of fiduciary duty. The District Court stayed the action against Delta due to Delta's Chapter 11 proceedings and
granted a motion to dismiss filed by the individual defendants. The Bankruptcy Court has ruled that a class claim filed against Delta in its Chapter 11
proceedings will be subordinated to any claim related to equity interests in Delta, which did not receive any distribution pursuant to the Plan of
Reorganization. The plaintiff has appealed this order.
Canadian Passenger Surcharge Antitrust Litigation
On July 31, 2009, two parallel putative class actions were filed against a number of Canadian, Asian, European, and U.S. carriers (including Delta) in the
Ontario Superior Court of Justice. Both allege that the defendants colluded to fix the price of passenger surcharges, in Canada-Asia and Canada-Europe
markets respectively. There are no allegations in the complaints of any specific act by Delta in furtherance of either conspiracy. The complaints seek damages
in excess of $100 million. We believe the allegations against Delta are without merit and intend to vigorously defend these cases.
***
For a discussion of certain environmental matters, see "Business—Environmental Matters" in Item 1.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of our security holders during the fourth quarter of the fiscal year covered by this report.
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