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Mirant Aims to Fend Off Worker Suits Over 401(k)s
Bankrupt Mirant Corp. has filed a motion to dismiss a potential class action brought by employees and retirees over their 401(k) plans. Mirant's attorneys argue that the company's retirement plans weren't intended to maximize returns on employee investments but were, instead, designed to bolster stock sales and that regulations exempt fund managers "from any responsibility to diversify company assets that are invested in company stock."
January 27, 2004 at 12:00 AM
1 minute read
By R. Robin McDonald |
Updated on January 27, 2004
The original version of this story was published on Law.Com
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