Smurfit-Stone Workers Bring ERISA Class Action

Law360, New York (January 12, 2010, 6:35 PM EST) -- Employees have lodged a proposed class action against the administrators of Smurfit-Stone Container Corp.'s retirement plans, alleging they breached their fiduciary duty by continuing to invest in Smurfit-Stone stock as the company went bankrupt.

In a suit filed Monday in the U.S. District Court for the Western District of Missouri, plaintiffs Phil Ingram, James Masters and David Culpepper accuse the board members of Smurfit-Stone and the administrative committee of the company's retirement plans of violating the Employee Retirement Income Security Act.

The suit said the defendants...
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