Law360, New York (September 21, 2011, 3:35 PM EDT) -- Textron Inc. asked a Rhode Island federal judge Tuesday to reconsider his refusal to dismiss a class action claiming the defense conglomerate breached its fiduciary duty by allowing employees to invest portions of their retirement funds in the company's inflated stock.
Earlier this month, U.S. District Judge Paul J. Barbadoro said he needed to hear more arguments before determining whether the Employee Retirement Income Security Act required Textron to disclose damaging information about the company in order to warn employees against investing in the shaky stock.
The plaintiffs — participants in Textron's retirement plan who bought company stock — argue the...
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