$15M Class Settlement Over 401(k) Plan’s Single Stock Losses Gets Preliminary OK

Mealey's (May 23, 2022, 1:39 PM EDT) -- OKLAHOMA CITY — An Oklahoma federal judge on May 19 granted preliminary approval to a class settlement agreement, under which defendants accused of breaching their fiduciary duties by investing a large percentage of a retirement plan’s assets in the stock of one company and sitting “by idly” as the share price fell from $29 to $4 would pay $15 million to resolve claims against them....

$15M Class Settlement Over 401(k) Plan’s Single Stock Losses Gets Preliminary OK

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