Textron Faces ERISA Suit Over Retirement Losses

Law360, New York (October 21, 2009, 6:30 PM EDT) -- Textron Inc. has been hit with a proposed class action alleging the aerospace and defense conglomerate cost its employee retirement savings plan millions of dollars by hiding the company's true financial position.

Three former Textron employees filed the suit Tuesday in the U.S. District Court for the District of Rhode Island on behalf of anyone who participated in the company's retirement savings plan during an 18-month period ending in January.

The complaint alleges the company and certain officers and directors violated their fiduciary duties under the...
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