Fremont General Corporation in Two Pention Plans Class Action Lawsuit
A class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of participants in two pension plans, the Fremont General Corporation Employee Stock Ownership Plan and the Fremont General Corporation and Affiliated Companies Investment Incentive Plan for violation of the Employee Retirement Income Security Act of 1974.
Plaintiffs seek to recover damages on behalf of the class.
The lawsuit alleges that, as a consequence of the 401(k) plan’s investment in company stock, employee-participants have suffered millions of dollars in losses to their retirement savings while Fremont top executives were dumping their own Fremont stock. Plaintiffs allege that Defendants violated their fiduciary duties to the Plans during the Class Period by allowing imprudent investment of the Plans’ assets in Fremont Stock when they knew or should have known that such investment was improperly risky and irresponsible in light of the Company’s improper business practices.
Filed under Class Action, General Law
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