Pilgrim's Pride Board Targeted In ERISA Suit

Law360, New York (December 18, 2008, 12:00 AM EST) -- A Pilgrim's Pride Corp. worker has filed a proposed class action alleging that the bankrupt company's board of directors and compensation committee have violated the Employee Retirement Income Security Act by mishandling pension plans.

The lawsuit, filed by Kenneth Patterson on Tuesday in the U.S. District Court for the Eastern District of Texas, seeks to recover pension plan losses, which are a product of investments in the poultry company's stock.

Pilgrim's Pride is not named as a defendant because it is in Chapter 11, but the...
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