CINCINNATI, May 13, 2013 (GLOBE NEWSWIRE) -- On May 3, 2013, a shareholder of Eaton Corporation, plc filed a motion in the Court of Common Pleas for Cuyahoga County, Ohio, to intervene in a shareholder lawsuit pending against eleven members of the board of directors of Cleveland based Eaton Corporation, its chief executive officer, and three company attorneys. Eaton Corporation became a wholly owned subsidiary of Eaton, plc, an Irish holding company formed in connection with Eaton Corporation's 2012 acquisition of Cooper Industries.
The lawsuit contends that as a result of repeated and deliberate misconduct occurring between 2004 and 2007 by attorneys representing Eaton Corporation in a Mississippi state court, the Mississippi lawsuit alleging a theft of valuable trade secrets was dismissed by the court and the opportunity for Eaton Corporation and its shareholders to recover substantial monetary damages, estimated to be between $200 million and $1 billion, has been lost. The shareholder lawsuit alleges that the misconduct that resulted in the dismissal and the loss of hundreds of millions of dollars allegedly owed to Eaton by Triumph Actuation System, in Mississippi, was initiated with knowledge and approval of Eaton Corporation executives and its board of directors.
IF YOU OWNED SHARES OF EATON CORPORATION COMMON STOCK ON OR BEFORE DECEMBER 2010 AND CONTINUE TO OWN SHARES OF EATON CORPORATION, PLC, AND WOULD LIKE ADDITIONAL INFORMATION ABOUT HOW YOU MIGHT ASSIST TO RECOVER FUNDS LOST BY THE EATON CORPORATION BOARD BY PARTICIPATING IN THE LAWSUIT, PLEASE CONTACT ANY OF THE FOLLOWING ATTORNEYS:
Richard S. Wayne
Thomas P. Glass