An investigation on behalf of participants of the National Indemnity Employee Retirement Savings Plan concerning potential breaches of fiduciary duties was announced and those National Indemnity Employee Retirement Savings Plan participants should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/12/2016 -- An investigation on behalf of current or former participants in the National Indemnity Employee Retirement Savings Plan concerning potential Breaches of Fiduciary Duty by the plan administrator was announced.
Those who are existing or former participants in the National Indemnity Employee Retirement Savings Plan, who purchased and held the Sequoia Fund, through the National Indemnity Employee Retirement Savings Plan, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
According to the investigation by a law firm under the federal Employee Retirement Income Security Act ("ERISA") current or former participants in the National Indemnity Employee Retirement Savings Plan may be eligible to file an ERISA complaint for putting stock options at risk if they can prove that the plan administrator violated its fiduciary duty to them by the continued offering of the Sequoia Fund as an investment option for National Indemnity Company's employees under the Plan.
In January 2016, a shareholder lawsuit was filed against the Sequoia Fund's investment managers and its board of directors. The complaint alleges that, in March 2015 and afterwards, the Sequoia Fund's investment strategy outlined in its prospectus was violated by its large stake in Valeant Pharmaceuticals. The complaint alleges that the Sequoia Fund's 25% limit on concentration in any one position was violated by its approximately 35% investment in Valeant. The plaintiff further alleges that the Sequoia Fund's managers violated its "sell strategy" by failing to sell Valeant when its valuation became "excessive in relation to its expected earnings," and that Valeant's $236 per share price was 100 times its 2014 earnings.
Those who are existing or former participant of the National Indemnity Employee Retirement Savings Plan have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com