DST Hit With ERISA Suit Over Valeant Stock Drop

Law360 (November 6, 2018, 4:09 PM EST) -- A pair of participants in a DST Systems Inc. retirement plan have hit the information processing firm with a lawsuit in New York federal court claiming that plan assets had been imprudently invested in Valeant Pharmaceuticals International Inc. stock, which eventually tanked.

DST Systems Inc. 401(k) Profit Sharing Plan participants Mark Mendon and Jill Pehlman brought their Employee Retirement Income Security Act lawsuit on Monday against DST Systems Inc., SS&C Technologies Holdings Inc. — the company that has since acquired DST — and Ruane, Cunniff & Goldfarb Inc., an investment adviser for the plan.

By the close of 2014, Valeant stock would make...

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