AON Retirees Say Company Stock Was a Bad Investment |
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A class action has been filed on behalf of current and former employees of AON Corporation who participated in its AON Savings Plan between November 1, 1998 and the present. The suit alleges that fiduciaries for the plan breached their duties to investors through misrepresentations regarding the financial status of the company, and unsound investments in company stock in violation of the Employee Retirement Income Security Act (ERISA).
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 withheld negative information about AON's financial status from the plaintiffs in order to induce them to make significant investments in company stock through the 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.
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