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 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.

Eaton Corporation plc reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $5,310 million compared to $3,960 million a year ago. Income before income taxes was $400 million compared to $368 million a year ago. Net income was $380 million compared to $311 million a year ago. Net income attributable to the company ordinary shareholders was $378 million or $0.79 per diluted share compared to $311 million or $0.91 per diluted share a year ago. Operating earnings were $400 million or $0.84 per diluted share compared to $313 million or $0.92 per diluted share a year ago. Operating cash flow was $100 million. The company anticipates operating earnings per share for the second quarter of 2013, which exclude an estimated $25 million of charges to integrate recent acquisitions, to be between $1.05 and $1.15. There are two primary drivers of the expected increase in second quarter operating earnings per share over the first quarter: first, seasonally higher volumes, since sales in the second quarter are typically 5% to 10% higher, and second, the absence of purchase price inventory expense in the second quarter related to the Cooper Industries acquisition. Tax rate was 5% in the first quarter, the company expects it to be about 10% in the second quarter. The company is maintaining guidance for full year operating earnings per share of between $4.05 and $4.45. Based on the midpoint of guidance, operating earnings per share in 2013 will grow 8%.

The Board of Directors of Eaton declared a quarterly dividend of $0.42 per ordinary share payable May 24, 2013 to shareholders of record at the close of business on May 6, 2013.