An investigation on behalf of participants of the Sears Holding Corp. 401(k) Savings Plan concerning potential breaches of fiduciary duties was announced and those who are current or former participants in the Sears Holding Corp. 401(k) Savings Plan should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/26/2017 -- An investigation on behalf of current and former participants in the Sears Holding Corp. 401(k) Savings Plan concerning potential Breaches of Fiduciary Duty was announced.
Those who are current and/or former participants in the Sears Holding Corp. 401(k) Savings Plan, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call 858-779-1554.
According to the investigation by a law firm under ERISA certain participants in the Sears Holding Corp. 401(k) Savings Plan may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. More specifically, the investigation seeks to determine whether those responsible for selecting investment options for the plan selected certain mutual funds that were high-cost and underperforming.
More specifically, the investigation by a law firm focuses on whether Sears Holdings Corp and related Sears Holding Corp. 401(k) Savings Plan fiduciaries breached their duties in violation of the Employee Retirement Income Security Act of 1974 ("ERISA") by maintaining the Sears Holdings Corp company stock in the Sears Holding Corp. 401(k) Savings Plan, while the stock price plummeted and the company's condition deteriorated. According to the investigation these breaches may have resulted in multi-million dollar losses of the Sears Holding Corp. 401(k) Savings Plan participants' retirement earnings.
Sears Holdings Corp warned on March 21, 2017 that it may not continue as a going concern after years of losses and declining sales. Since 2013, Sears Holdings Corp has accumulated $7.4 billion in losses and has seen its revenue fall 44%. Sears Holdings Corp stock lost 47% of its value in the last year, 90% in the past five years, and 95% in the last ten years.
Those who are current and/or former participants in the Sears Holding Corp. 401(k) 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