Textron Fails To Dodge ERISA Class Action
Law360, New York (September 7, 2011, 3:07 PM EDT) -- A federal judge in Rhode Island refused Tuesday to dismiss a class action that claims Textron Inc. breached its fiduciary duty by failing to prudently manage an employee retirement savings plan, which lost millions of dollars when the defense conglomerate's stock tanked in 2009.
U.S. District Judge Paul Barbadoro determined that the plaintiffs — former Textron employees who participated in the company's retirement plan — had sufficient cause to support a claim for breach of fiduciary duty based on the Employee Retirement Income Security Act's prudence requirements.
The plaintiffs claim Textron and several of its directors and officers breached their fiduciary...
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