Pennsylvania Class Action Targets Plan That Offers Sequoia Fund As Option

(December 9, 2016, 5:42 PM EST) -- PHILADELPHIA — A putative class action complaint alleging violations of the Employee Retirement Income Security Act was filed Nov. 18 in Pennsylvania federal court in which plan participants say that the fiduciaries of the FMC Corp. Savings and Investment Plan breached their fiduciary duties by continuing to offer as an investment option the Sequoia Fund, what they call a high-cost, nondiversified and underperforming mutual fund (Matthew B. Harmon, et al. v. FMC Corp., et al., No. 2:16-cv-06073, E.D. Pa.)....

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