Textron Hit With ERISA Suit Over SEC Filings

Law360, New York (August 24, 2009, 1:49 PM EDT) -- A Textron Inc. worker has filed a putative class action alleging employees who held the company's own stock in their savings plan accounts were misled about the financial condition of the industrial conglomerate.

The suit, filed Aug. 21 in the U.S. District Court for the District of Rhode Island by plan participant Diane Leach, accuses Textron and plan administrators of breaching their fiduciary duties under the Employee Retirement Income Security Act.

The complaint was filed on behalf of a class of current and former plan participants...
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