The lawsuit contends the plan’s holdings of the parent company's common stock should have been liquidated on or shortly after the date Gannett was separated from its parent.
Tag: company stock in retirement plans
The bank also agreed to continue funding matching contributions to its 401(k) plan in the form of cash or cash equivalents for a period of time.
Relying on standards set forth by the Supreme Court in Fifth Third Bank v. Dudenhoeffer, an appellate court affirmed a district court’s dismissal of the case.
The 9th Circuit ruled that a prudent fiduciary in the same circumstances as the defendants could view the proposed alternative course of action regarding company stock in Hewlett-Packard's 401(k) plan as likely to cause more harm than good without first conducting a proper investigation.