Terex Securities Litigation
HomeCase DocumentsContact UsFile Claim


This website has been established to provide general information related to the proposed settlement of the lawsuit known as Sheet Metal Workers Local 32 Pension Fund v. Terex Corporation, et al., No. 3:09-cv-02083-RNC (the "Litigation"), pending before the United States District Court for the District of Connecticut (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Settlement Agreement dated March 27, 2019, which can be found and downloaded by clicking on the Case Documents tab above.

The entities that lead the Litigation, Lead Plaintiffs Sheet Metal Workers Local 32 Pension Fund and Ironworkers St. Louis District Council Pension Fund and additional plaintiff Sheet Metal Workers Local #218(S) Pension Fund, are collectively referred to as the “Plaintiffs.” The company and individuals, Terex Corporation ("Terex"), Ronald M. DeFeo, Philip Widman, Thomas J. Riordan, Tim Ford, and Jonathan D. Carter, being sued are called the Defendants.  

The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP to represent Settlement Class Members.  


This case was brought as a class action alleging that Defendants made false and misleading statements about Terex’s business and financial results between February 20, 2008 and February 11, 2009, inclusive.  Plaintiffs allege that Defendants misled investors about Terex’s accounting practices and financial condition.  Plaintiffs assert that as a result of these and other actions, the market price of Terex’s common stock was artificially and improperly inflated between February 20, 2008 and February 11, 2009, inclusive.  Thus, Plaintiffs allege that Settlement Class Members overpaid for Terex common stock during the relevant time periods.  Defendants have vigorously denied and continue to vigorously deny that they did anything wrong. 

The operative complaint in the Litigation, Consolidated Class Action Complaint for Violations of Securities Laws (Corrected) (the “Complaint”), was filed on December 3, 2010. On January 18, 2011, the Defendants moved to dismiss the Complaint. By Ruling and Order dated March 31, 2018, the Court granted in part and denied in part the Defendants’ motion to dismiss. The Court dismissed all claims against the Dismissed Defendants, dismissed the §20(a) claim against Mr. Riordan, and narrowed the remaining §10(b) claims against Terex and Mr. Riordan.
Following the Court’s ruling on the motion to dismiss, in October 2018, the parties to the Litigation commenced mediation efforts under the auspices of the Honorable Daniel Weinstein (Ret.). In the months following, Judge Weinstein engaged in numerous discussions and communications with the parties to explore a potential resolution of the matter. On February 8, 2019, the parties agreed on the amount of the Settlement Fund and the negotiated terms of the Settlement.

The Court did not decide in favor of Plaintiffs or Defendants. Instead, both sides agreed to a settlement. That way they avoid the cost and uncertainty of a trial, and eligible Settlement Class Members who submit valid claims will receive compensation. Plaintiffs and their attorneys think the Settlement is best for all Settlement Class Members.

The Settlement Class includes all purchasers or acquirers of Terex publicly-traded common stock during the Settlement Class Period, which is between February 20, 2008 and February 11, 2009, inclusive, and who were allegedly damaged thereby. Excluded from the Settlement Class are Defendants; members of each Defendant’s immediate family; any entity in which any Defendant has or had a controlling interest; directors of Terex during the Settlement Class Period; and Defendants’ legal representatives, heirs, successors, or assigns of any such excluded party.  Also excluded from the Settlement Class are those Persons who timely and validly request exclusion pursuant to the requirements described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice").


Defendants have agreed to pay $10,000,000 in cash (the "Settlement Fund"). The balance of this fund after payment of Court-approved attorneys’ fees and expenses and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing newspaper notice (the “Net Settlement Fund”), will be divided among all eligible Settlement Class Members who send in valid claim forms.

Settlement Class Members' recovery will depend on the number of shares of Terex common stock purchased or acquired between February 20, 2008 and February 11, 2009, inclusive, the timing of the purchases and any sales, and how many other Settlement Class Members make claims. 

Although the information in this website is intended to assist you, it does not replace the information contained in the relevant case documents found on the Case Documents tab above. We recommend that you read the relevant case documents carefully and in their entirety.


SUBMIT A CLAIM This is the only way to be eligible to receive a payment. If you are a Settlement Class Member, and do not exclude yourself from the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any “Released Claims” that you have against the Defendants and the other “Released Parties.” Proof of Claim forms must be postmarked (if mailed) or received (if submitted online) on or before August 13, 2019.
OBJECT You may write to the Court if you do not like this Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. You will still be a Member of the Settlement Class. Objections must be received by the Court and counsel for the Settling Parties on or before July 3, 2019.
GO TO A HEARING ON JULY 29, 2019 Filing a written objection and notice of intention to appear by July 3, 2019, allows you to speak in Court about the fairness of the Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and speak to the Court about your objection.
DO NOTHING If you are a Member of the Settlement Class and you do not submit a Proof of Claim by August 13, 2019, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a Member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the action.
 EXCLUDE YOURSELF If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that potentially allows you to participate in another lawsuit against the Defendants or the other Released Parties relating to the Released Claims being released in this case. Should you elect to exclude yourself from the Settlement Class, you should understand that Defendants and the other Released Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before July 3, 2019.


Submit a Proof of Claim August 13, 2019
Submit Objection and Notice of Intention to Appear July 3, 2019
Request Exclusion July 3, 2019
Settlement Hearing  July 29, 2019, at 10:00 a.m. EDT