In a setback for the plaintiff's bar, a claim against fiduciaries of Chevron Corp.'s 401(k) plan brought under the Employee Retirement Income Security Act has been dismissed in U.S. District Court for the Northern District of California.
The decision by Judge Phyllis Hamilton comes six months after plan participants filed a claim alleging Chevron fiduciaries mismanaged its plan, resulting in the loss of tens of millions in retirement savings.
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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.
