Terex Corp., a Connecticut-based manufacturer of construction, transportation and mining equipment, has agreed to settle a class-action claim by participants in its 401(k) plan for $2.5 million, according to court documents.
Plaintiffs alleged that the company artificially inflated its stock price between December 31, 2007 and February 27, 2009 by not fully disclosing the impact the collapse in real estate and the subsequent subprime mortgage crisis was having on the manufacturer's profits.
About 6,000 participants were enrolled in the plan in 2007, according to the company's Form 5500 filing.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
