Buckingham v. Gannon

We consider whether we have jurisdiction over an interlocutory appeal from an order disapproving a class settlement.

Facts

Plaintiffs were employees of the Montana Power Company and participated in its retirement plan. Defendants were the plan’s trustee and directors of Montana Power. Plaintiffs allege that defendants mismanaged the plan, in breach of their fiduciary duty. Plaintiffs and the directors negotiated a class settlement, the core of which was a cash payment of nearly all the funds remaining in the directors’ fiduciary liability insurance policy. The settlement also included two…