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Regional Vice President of Sales The Retirement Plan Company
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Healthways Inc. Stock-Drop Suit Passes First Hurdle
planadviser Feb. 1, 2009
Excerpt: An employee 401(k) stock-drop suit survived its first major challenge when a federal judge in Tennessee turned away an early effort by the employer to have the claim dismissed. U.S. District Judge Todd J. Campbell of the U.S. District Court for the Middle District of Tennessee ruled that employee Kenneth Banks had marshaled enough evidence to back up his claims that Healthways Inc. continued having a company stock investment option even after it was no longer prudent to do so. Banks also alleged the company did not properly disclose information about its finances to participants.
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