Humana Faces ERISA Suit Over Pension Plan Losses

Law360, New York (April 24, 2008, 12:00 AM EDT) -- Humana Inc. was hit on Tuesday with a proposed class action by employees who allege that the insurance company encouraged them to invest their pensions in its stock while misleading them about the stock's true value.

The complaint, filed in the U.S. District Court for the Western District of Kentucky, claims that Humana, CEO Michael McCallister, Chief Financial Officer James Bloem and 20 unknown “Does” issued misleading, unrealistically optimistic earnings projections beginning on Feb. 4.

The projections led employees to keep their pensions invested in company...
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