The investigation claims Lear and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing a significant amount of the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plans' participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plans.
An investigation against Lear Corp. has commenced for potential violations of the Employee Retirement Income Security Act of 1974. The investigation focuses on investments in Lear stock by the Lear Corp. Salaried Retirement Savings Plan, the Lear Corp. Hourly Retirement Savings Plan, and the Lear Corp. Hourly 401k Savings Plan.
The investigation claims Lear and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing a significant amount of the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plans' participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plans.
The investigation claims Lear and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing a significant amount of the assets in Company stock when it was no longer a prudent investment for participants' retirement savings. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plans' participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plans.
Stay Informed
Get the latest on class action lawsuits, settlements & more! Subscribe to our free weekly newsletter.
Get our Newsletter!
Submit a New Complaint
Been wronged by a similar product or service?
Click here to send us your complaint.
