This one was brought by Seattle-based Keller Rohrback LLP on behalf of participants and beneficiaries of the Global Crossing Ltd. Employees’ Retirement Savings Plan – specifically those who had an interest in the plan from September 28, 1999, to the present.
Late last week, Los Angeles-based Stull, Stull &
Brody announced the filing of a similar claim against
Global Crossing. Global Crossing, which filed for
bankruptcy late last month, was the 4th largest public
company bankruptcy in terms of assets ($22.4 billion),
according to BankruptcyData.com.
The newest lawsuit says that the Plan’s directors and administrators and the Company’s officers and directors may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the Company’s operations and prospects.
In fact, rather than providing complete and accurate information to the Plan’s participants, the suit alleges that the defendants may have withheld and concealed material information – and that as a result encouraged participants to continue to make and maintain ‘substantial investments in company stock.’
Keller Rohrback ( www.erisafraud.com ) says it is also looking at similar allegations against Williams Companies and Kmart – and is already pursuing actions on behalf of participants at: