YRC Worldwide ERISA Class Action

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New York, NY: An ERISA class action lawsuit against YRC Worldwide (Case No. 09 CV 02593) has been filed in the United States District Court for the District of Kansas. The class action lawsuit alleges violation of ERISA rules concerning duties owed to plan participants. The claims include imprudent investments in YRC Worldwide stock which was "an excessively risky investment for retirement assets in light of the Company's dire financial condition."

According to the pleadings, plan participants received shares through matching contributions to their 401(k) retirement accounts. Present and former employees who owned YRC Worldwide stock during the decline should consider what recourse is available to recover their investment losses in stock held with full-service brokerage firms. The Financial Industry Regulatory Authority, (FINRA) is a self regulating organization with sales practice rules and regulations that govern the securities industry's conduct and safeguard the investing public. For investors who accumulated shares in YRC Worldwide, the recent developments represent a significant loss in income and investment.

For many investors, YRC Worldwide stock represented a long term holding acquired through investment or as an employee of the company. Full-service brokerage firms are obligated to give, and investors are entitled to rely upon, brokerage firms for competent, suitable investment advice concerning risk management strategies for concentrated stock positions. Brokerage firms are required to supervise the activities in brokerage accounts, losses may be attributed to the failure to adequately supervise the stockbroker and the brokerage account. Recommendations of unsuitable investments and/or maintaining unprotected concentrated stock positions are both causes of action that may be available to investors against their full-service brokerage firm in an individual securities arbitration claim filed with FINRA.

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