For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
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)
You Might Also Like:
2024 PLANSPONSOR National Conference On Demand
Recorded sessions provide valuable insights and education on plan administration and compliance, equipping plan sponsors with the knowledge needed to...
What Does the End of Chevron Deference Mean for the DOL?
It could mean more lawsuits and overturned rules related to retirement plans.
Non-Insurer Plaintiffs Join ACLI in Fiduciary Rule Lawsuit
FSI and SIFMA are also asking for the Retirement Security Rule to be vacated.
« Retirement Plan Assets Concentrated in Higher Income Families