Nokia Focus of 401(k) Investigation

March 1, 2010 (PLANSPONSOR.com) – Yet another employer has fallen prey to the one-two punch of a sharp drop in stock price – and the sting of a 401(k) stock drop lawsuit.

The latest could be Nokia Corporation, whose conduct is being investigated by the Law Offices of Howard G. Smith, according to a press release from the latter.  The law firm says that it is “investigating potential claims against Nokia Corporation concerning whether the Nokia Corporation 401(k) Plan imprudently invested in Nokia stock and whether the Plan’s administrators breached their fiduciary duties to the Plan’s participants in violation of the Employee Retirement Income Security Act of 1974 (ERISA)”.

As for what set this in motion, the law firm cites a securities complaint filed February 5, 2010, in the United States District Court for the Southern District of New York, that claims that during 2008 Nokia and certain of its executive officers failed to disclose that the company was likely to experience production delays associated with its mid-price range cellular phones, including certain of the company’s smartphones.

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The law firm goes on to say that that complaint alleges these delays, among other things, “adversely affected operating margins in the Company’s highly profitable Devices and Services segment, causing the price of Nokia American Depositary Shares to plummet” – and then goes on to note that its investigation concerns “whether Nokia and other administrators of the Plan failed to prudently and loyally manage the Plan’s investments in Nokia stock by continuing to offer Company stock when the stock was no longer a prudent investment for participants’ retirement savings”.

Having announced its intention to investigate, the law firm proceeds to reach out to any “current or former employee who participated in, or continues to participate in, the Nokia Corporation 401(k) Plan”, who either has information, “or would like to learn more about these claims.”

Nuveen Expands Global Investment Reach, Platform

March 1, 2010 (PLANSPONSOR.com) - Nuveen Investments has extended its offerings to non-U.S. investors with the availability of two new strategies.

According to the announcement, the new funds, Nuveen Tradewinds Emerging Markets and Nuveen Tradewinds Global Resources, are offered via Nuveen Global Investors Fund plc, through a UCITS structure, pursuant to the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulation 2003.

These new investment strategies are managed by Tradewinds Global Investors, a Nuveen investment affiliate specializing in global equities, and join the existing fund lineup that includes U.S. and global equity funds within Nuveen Global Investors Fund umbrella. Nuveen funds now available through the UCITS structure include:

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  • Nuveen Tradewinds Emerging Markets Fund—new
  • Nuveen Tradewinds Global Resources Fund—new
  • Nuveen Tradewinds Global All Cap Fund
  • Nuveen Tradewinds International Value Fund
  • Nuveen NWQ Large Cap Value Fund

In addition to the expanded offerings, Nuveen Investments has launched a new website (http://www.nuveenglobal.com) where investors can find detailed information on the investment strategies and portfolio information as well as a prospectus for each of the UCITS funds offered.

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