electrical workers

Schlichter Bogard Secures Class Status Against PPL Corporation on Behalf of Participants in its $1.7 Billion Retirement Plan

As reported by Law360, Schlichter Bogard has secured class status on behalf of employees of a Pennsylvania energy company, PPL Corp., who are participants in the $1.7 billion PPL Defined Contribution Master Trust. The plans covered by the lawsuit are the PPL Employee Savings Plan, PPL Deferred Savings Plan, PPL Employee Stock Ownership Plan, and the LG&E and KU Savings Plan.

The lawsuit alleges that the Defendants failed to uphold their fiduciary duty under ERISA by offering costly and underperforming investment options over several years. This mismanagement of funds caused the plan to lose up to $55 million dollars.

For more information about Schlichter Bogard’s retirement practice, please contact us at 800-USE-LAWS (873-5297) or via email at contact@uselaws.com.