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Administration August 9, 2006
Williams Settles K Plan Co Stock Suit
September 20, 2005 (PLANSPONSOR.com) - A Tulsa,
Oklahoma natural gas processor and transporter has agreed to
a $55-million settlement of a participant lawsuit alleging
improprieties in its handling of its stock in its K
plan.
Reported by
Fred Schneyer
Some $50 million of the settlement amount will be covered by insurance, and the plaintiffs who joined the class action – people who participated in Williams’ plan beginning in July 2000 – will release the company from any further claims, according to an Associated Press report.
The suit charged that the company breached its fiduciary duties to plan participants related to investments in Williams’ shares and shares of a former business unit (See Judge Certifies Williams K Plan Company Stock Suit as Class Action ).
The company’s K plan continues to the subject of a Labor Dept. investigation, according to Williams.