A federal appeals court has revived a proposed class action lawsuit accusing Gannett Co Inc of imprudently maintaining a risky single-stock fund in its employees’ 401(k) plan, resulting in tens of millions of dollars in losses.
A 2-1 panel of the 4th U.S. Circuit Court of Appeals on Tuesday found that a lower court judge erred in concluding that a single undiversified fund, offered among multiple options, could not support a claim for breach of fiduciary duty.
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