Case Information: Smurfit-Stone Container Corporation ERISA Litigation
Updated On: May 21st, 2010
Amended ComplaintThis case is pending in the United States District Court for the Northern District of Illinois. It includes all participants in: (i) the Smurfit-Stone Container Corporation Savings Plan; (ii) the Jefferson Smurfit Corporation Hourly Savings Plan; (iii) the Smurfit-Stone Container Corporation Hourly Savings Plan; and (iv) the St. Laurent Paperboard Hourly Savings Plan (“collectively the “Plans”), during the period from January 28, 2008 through the present.
The ERISA Plaintiffs filed their Amended Complaint on July 16, 2009. The Complaint alleges that Defendants breached their fiduciary duties to Plan Participants by allowing the investment of Plans’ assets into Company stock when it was an excessively risky investment for retirement accounts in light of the Company’s dire financial condition.
On September 14, 2009, Defendants filed an Answer to the Complaint. On May 21, 2010, the parties advised the Court of their decision to mediate and the Court stayed the action.
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