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First Horizon National Corporation may have misled employees and all participants in its 401(K) plan by continuing to recommend that plan participants invest in First Horizon common stock while failing to fully explain its exposure to the sub prime market.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Unsuitable Investments
- Retirement Asset
Product or Service
- 401(K)
Injury Type
- Monetary Loss
Investigation Details
This case is an investigation and pending class action lawsuit against First Horizon National Corporation over losses incurred in the First Horizon National Corporaion 401(k) Plan.
The class action lawsuit alleges that First Horizon as a fiduciary of the Plan violated ERISA by imprudently investing in First Horizon stock while the First Horizon was concealing its large exposure to highly risky Collateralized Debt Obligations, subprime mortgages, and other low-quality securities.
The class action lawsuit also alleges that the Plan did not properly consider a broad range of mutual investment options besides mutual funds owned by First Horizon.
This class covers all participants of the First Horizon 401(k) Plan whether current of former employees.
The class action lawsuit alleges that First Horizon as a fiduciary of the Plan violated ERISA by imprudently investing in First Horizon stock while the First Horizon was concealing its large exposure to highly risky Collateralized Debt Obligations, subprime mortgages, and other low-quality securities.
The class action lawsuit also alleges that the Plan did not properly consider a broad range of mutual investment options besides mutual funds owned by First Horizon.
This class covers all participants of the First Horizon 401(k) Plan whether current of former employees.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| First Horizon National Corporation (FHN) | First Horizon National Corporation operates as a holding company for First Tennessee Bank National Association, which provides various financial services in the United States and internationally. The company principally offers regional banking, capital markets, and mortgage banking services. |