J.C. Penney To Settle Plan Losses Class Suit For $4.5 Million

(February 8, 2017, 8:49 AM EST) -- TYLER, Texas — A Texas federal judge on Jan. 3 granted preliminary approval of a $4.5 million settlement to be paid by J.C. Penney Corp. Inc. to end a class suit accusing the retailer of violating the Employee Retirement Income Security Act by allowing the J.C. Penney Corporation Inc. Savings, Profit Sharing and Stock Ownership Plan (the plan) to remain invested in the J.C. Penney Common Stock Fund when it should have known the stock was being traded at an artificially inflated price due to misrepresentations by J.C. Penney senior officers (Roberto Ramirez, et al. v. J.C. Penney Corporation, Inc., et al., No. 14-601, E.D. Texas; 2017 U.S. Dist. LEXIS 389)....