At A Glance
- This Alert Affects:
- Workers who purchased company stock as part of their 401(K) or ESOP ERISA retirement plan and their company filed for bankruptcy.
- Employees may be able to participate in a lawsuit to recover financial compensation for damages resulting from the company's breach of fiduciary duty.
- Companies who offer their own company stock as an investment option in their 401(k) or ESOP ERISA retirement plans.
- Additional Details:
- The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that establishes minimum standards for pension plans in private industries. ERISA requires plans to provide participants with information regarding the plan; establish minimum standards for vesting, participation, benefit accrual and funding; require accountability of plan fiduciaries; and allow participants the opportunity to sue for benefits and breaches of fiduciary duty.