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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

ERISA Litigation

Electronic Data Systems reached a tentative settlement in an Employee Retirement Income Security Act (ERISA) class action filed by more than 85,000 employees. The employees, members of EDS’s 401(k) plan, accused the defendants of breaching their fiduciary duties by investing plan assets in EDS stock when it was imprudent to do so. The plaintiffs also alleged the defendants violated federal securities law by selling unregistered shares of EDS stock to the plan. Under the proposed settlement, the defendants denied liability but agreed to pay $12.5 million in cash and provide additional injunctive relief worth no less than $19 million.

Misconduct Type
Securities
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Announcement
6/25/2008
Contractors Involved Penalty
Total
Electronic Data Systems $31,500,000
Further Information Released
Settlement 8/13/2008

Federal Contractor Misconduct Database