Date: 09-29-2005

Case Style: Nelson, et al. v. Williams Companies, et al.

Case Number: 02-cv-153

Judge: Terence Kern

Court: United States District Court for the Northern District of Oklahoma, Tulsa County

Plaintiff's Attorney:

Lynn L. Sarko of Keller Rohrback L.L.P., Seattle, Washington

Glen M. Connor of Whatley Drake, L.L.C., Birmingham, Alabama

John E. Dowdell of Norman Wohlgemuth Chandler & Dowdell, Tulsa, Oklahoma

Defendant's Attorney:

Howard Shapiro and Suzanne S. Dickey, Proskauer Rose L.L.P., New Orleans, Louisiana

Paul J. Ondrasik, Jr. of Steptoe & Johnson LLP, Washington, D.C.

Graydon D. Luthey, Jr. of Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C., Tulsa, Oklahoma

Description:

ERISA class action claim against Williams Companies, Inc. which claimed that Williams misled participants in its 401(k) retirement plan about the financial conditions of Williams and its former telecommunications unit, Williams Communications Group, Inc. The plaintiffs claimed that Williams breached its fiduciary duty to them and exposed them to unreasonable risk. Williams Communications filed for bankruptcy protection in 2002 after demand for its service plummeted because of a glut in fiber optic communications capacity. The class consisted of about 19,000 current and former Williams employees who participated in the Company's Investment Plus Plan between July 24, 2000 and December 12, 2002.

Outcome: Settled for $57.6 million.

Plaintiff's Experts: Unknown

Defendant's Experts: Unknown

Comments: Editor's Note: It is anticipated that attorney fees will be about 20% of the settlement.