Watson Wyatt Worldwide, Inc. (WW) disclosed in a regulatory filing made on Monday, that it was informed on December 9, 2009, that Towers, Perrin, Forster & Crosby, Inc. had received a notification from the plaintiffs seeking a payment of $800 million to settle a putative class action lawsuit filed by former shareholders of Towers Perrin.
In June 2009, Watson Wyatt Worldwide agreed with Towers Perrin to combine in a merger of equals to form a new, publicly listed company called Towers Watson & Co.
A complaint was filed against Towers Perrin on November 5, 2009, in the United States District Court for the Eastern District of Pennsylvania, by former members of the Towers Perrin's senior management, who voluntarily retired at various times between 1995 and 2000.
The lawsuit alleges that by agreeing to sell their shares back to Towers Perrin at book value upon retirement, the plaintiffs and other members of the putative class relied upon a commitment that Towers Perrin would remain privately owned in perpetuity, which commitment, they allege, will be violated by the consummation of Watson Wyatt merger.
Watson Wyatt said Towers Perrin believes that the claims are without merit and intends to vigorously defend the action.
Watson Wyatt disclosed in the filing that Towers Perrin and/or new company Towers Watson could incur significant costs defending against this claim, and added that the outcome of this legal proceeding is inherently uncertain and could be unfavorable.
WW closed Monday's trading session at $47.15.
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