Compliance July 2, 2010

Gulf Oil 401(k) Suits Spill Over to Anadarko

Stull, Stull & Brody has started an investigation relating to the 401(k) defined contribution retirement plans of Anadarko Petroleum Corporation.
Reported by

The company announced that among other things, it is investigating whether fiduciaries of the Anadarko 401(k) plan may have violated the Employee Retirement Income Security Act (ERISA) by continuing to offer and maintain the Anadarko Petroleum Corporation common stock fund as a plan investment option when it was imprudent to do so, and by failing to disclose true and accurate risks regarding the Deepwater Horizon rig to the 401(k) plan participants.   

Anadarko and BP are threatening to sue each other in court. The Wall Street Journal reports that Anadarko is accusing BP of comitting gross negligence or willful misconduct.  

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If Anadarko can establish that in court, it would be freed from what would otherwise be a pro rata, 25% share of any liabilities for damages from the Deepwater Horizon explosion. If BP was more than merely negligent, under the joint venture agreement for the well, it becomes 100% liable for those actions, according to the WSJ.  

Deals & People July 2, 2010

Allianz Names Leader of Market Management

Allianz Life Insurance Company of North America has named Jeannee Hoppe as the new senior director of Market Management and Product Innovation.
Reported by

In this role, Hoppe will be responsible for managing the development and implementation of the Market Management strategies and programs, which encompass both market strategy and market research.   

According to a press release, Hoppe comes to Allianz from Ameriprise Financial, where she most recently developed its Strategic Sourcing department. Prior to that, she held a number of leadership roles with Ameriprise, including Director of its Strategic Transformation organization where she specialized in marketing, communications, and training. During her time in that role, Hoppe worked on a variety of initiatives including market research, product strategy, and supported the launch of a 403(b) product.   

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Hoppe earned her bachelor’s degree from Hamline University in St. Paul. She also has a master’s degree from the University of Minnesota, Carlson School of Management.  

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