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Case ID: 3897 | Employment | 11/02/2004
A class action has been filed on behalf of current and former employees of RCN Corporation who participated in its Retirement Investment and Stock Purchase plans between January 12, 1999 and the present. The suit alleges that fiduciaries for the RCN plans induced plan participants to make significant investments in RCN stock through misrepresentations regarding the financial status of the company, in violation of the Employee Retirement Income Security Act (ERISA).
The lawsuit is not brought against RCN itself, which is currently under federal bankruptcy protection. Only the fiduciaries who managed the plan on behalf of RCN are named as defendants. The complaint alleges that the defendants knew that the company’s financial future was uncertain and nonetheless weighted its retirement plans toward the purchase of company stock and made statements to plan participants designed to induce them to make significant investments in company stock through the retirement and stock purchase plans. These actions run contrary to federal law, plaintiff’s claim. The plaintiffs seek damages for their lost investment value together with interest, costs and other statutory damages. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Employment Cases of Interest A class action lawsuit has been filed in the Middle District Court of Florida against Fenaggi Business Corporation, F&T Business Corporation, Green Light of Jacksonville Corporation and Running Billboard Corporation for violations of the Fair Labor Standards Act (FLSA). Class members seek unpaid overtime compensation, attorney's fees and costs. The parties have reached a tentative $60 million settlement in an action filed against the government of Guam on behalf of low-income workers who alleged that the local government failed to correctly credit their taxes. Persons eligible to take part in the action should contact the attorneys for the class or more information. A statewide collective action has been filed in Texas against Nestle Waters North American, Inc. on behalf of all delivery drivers who have worked for the company in Texas and have not been paid overtime for hours worked in excess of 40 a week. The action is brought under the federal Fair Labor Standards Act and seeks liquidated damages and back pay for the drivers.
Many company retirement plans that encouraged investment in the company stock plan have taken large losses over the past few years. A class action has been filed against TV-top cablebox manufacturer Scientific-Atlanta, Inc. and certain company officials on behalf of current and former employees whose retirement plans were invested in the company's stock. The action alleges that the executives breached their fiduciary responsibilities in violation of federal labor law when they knew of the company's financial problems but continued to encourage employees to purchase stock for their plans, sometimes while selling their own shares. The action seeks compensatory and punitive damages. The class has been certified in an action filed against Kmart Corporation board members and executives on behalf of current and former Kmart employees who had more than $100 million of the discount chain's stock in their 401(k) retirement plans when the company went bankrupt. The action alleges that the defendants violated the federal Employee Retirement Income Security Act by abrogating their fiduciary duties to plan participants. Persons eligible to take part in the action should contact attorneys for the class. A class action lawsuit has been filed in the Southern District Court of Texas against Mercantile Thrift Stores, Inc. The case involves violations of the Fair Labor Standards Act which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. |
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