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Administration June 25, 2010
Another Law Firm Investigating BP 401(k) Plan
June 25, 2010 (PLANSPONSOR.com) - Stull, Stull & Brody announced it has started an investigation relating to the 401(k) plans of BP Corporation North America Inc.
Reported by
PLANSPONSOR staff
Among other things, Stull, Stull & Brody is investigating whether fiduciaries of the BP 401(k) plan may have violated the Employee Retirement Income Security Act (ERISA) by continuing to offer and maintain the BP Stock Fund as a BP Employee Savings Plan investment option when it was imprudent to do so, and by failing to disclose true and accurate risks regarding the Deepwater Horizon rig to the 401(k) plan participants, according to the announcement.
Previously, the Milberg LLP law firm announced it is investigating possible illegal conduct relating to BP’s 401(k) plan for U.S. employees. (See Law Firm Probing Potential BP ERISA Violations)
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