J.C. Penney ESOP Participants Move For $4.5 Million Settlement

(June 7, 2016, 10:10 AM EDT) -- TYLER, Texas — Participants in an employee stock ownership plan sponsored by J.C. Penney Corp. on June 1 filed an unopposed motion in Texas federal court for preliminary approval of a $4.5 million class action settlement in a case alleging that plan fiduciaries breached their fiduciary duties under the Employee Retirement Income Security Act by failing to protect plan participants from imprudent investments in company stock (Roberto Ramirez, et al. v. J.C. Penney Corporation Inc., et al., No. 6:14-cv-00601, E.D. Texas).

(Motion available. Document #54-160608-055M.)...
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