SPX Hit With ERISA Breach Suit

May 3, 2004 (PLANSPONSOR.com) - SPX Corp has been slapped with a lawsuit alleging breaches of the Employee Retirement Income Security Act (ERISA).

>Revealed in a quarterly Securities and Exchange Commission (SEC) filing, SPX said the suit accused the company, its general counsel and its administration committee of violating ERISA provisions.   Specifically, the suit raises questions about a company 401(k) plan’s holdings of SPX Corp stock, according to a Dow Jones report.

>The Charlotte, North Carolina-based company said the allegations stated in the complaints are without merit.   SPX plans “to defend against them vigorously.”

The latest suit was filed April 23, the SEC filing revealed.   In March, shareholders filed suit against the industrial conglomerate alleging the company issued misleading financial projections.