Administration March 8, 2003

Textron Targeted by Company Stock Suit

August 15, 2002 (PLANSPONSOR.com) - Textron Inc. says it has been notified of a suit that names the firm, its savings plan and the plan's trustees as defendents.
Reported by

The plaintiff-participant, Linda Lalonde, alleges that she participated in Textron’s employee benefit plans during 2000 and 2001.

In its quarterly report filed Monday with the Securities and Exchange Commission (SEC), the Providence, Rhode Island-based firm said the suit, filed July 26, alleges breach of fiduciary duties under the Employee Retirement Income Security Act (ERISA) based on the amount of investment in Textron stock during 2000 and 2001.

Textron said it believes the lawsuit is without merit and intends to defend it vigorously.

The suit was filed in federal district court in Rhode Island and hasn’t been served on any of the defendants, according to Dow Jones.

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