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...
To view the full article, register now.




Case Information

Case Title

Harrington et al v. Textron Inc. et al

Case Number



Rhode Island

Nature of Suit

Labor: E.R.I.S.A.


Mary M Lisi

Date Filed

October 20, 2009

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.