Level 3 Communications Faces ERISA Suit

Law360, New York (March 26, 2009, 12:00 AM EDT) -- Level 3 Communications Inc. has been hit with a putative class action alleging that the firm negligently managed its retirement plan and concealed key information about its difficulties managing several new acquisitions, causing participants to suffer significant losses to their individual accounts.

A complaint filed Tuesday in the U.S. District Court for the District of Colorado alleges violations of the Employee Retirement Income Security Act on behalf of all retirement plan participants whose individual accounts held shares of Level 3 common stock between Feb. 8, 2007,...
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