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Pfizer may have breached its fiduciary duties owed to current and former employees who invested in Pfizer's retirement plan.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Retirement Asset
- Investment Advisor Duties
Product or Service
- Retirement Plan
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending ERISA class action lawsuit against Pfizer on behalf of all persons who were participants in or beneficiaries of the Pfizer Savings Plan (including its predecessor, successor and affiliated plans, including the Pharmacia Savings Plan, the Warner-Lambert Savings and Stock Plan and the Searle Puerto Rico 1165(e) Savings Plan) (the "Plan") between August 29, 2000 and December 9, 2005 (the 'Class Period').
The class action complaint alleges that during the Class Period, Pfizer breached its fiduciary duties to Plaintiffs and the Class members by: failing to prudently and loyally manage the Plan's assets; failing to provide participants with complete and accurate information regarding Pfizer stock sufficient to advise participants of the true risks of investing their retirement savings; and failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate.
The class action complaint alleges that during the Class Period, Pfizer breached its fiduciary duties to Plaintiffs and the Class members by: failing to prudently and loyally manage the Plan's assets; failing to provide participants with complete and accurate information regarding Pfizer stock sufficient to advise participants of the true risks of investing their retirement savings; and failing to properly monitor the performance of their fiduciary appointees, and remove and replace those whose performance was inadequate.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Pfizer Inc. (PFE) | Pfizer Inc. is a large pharmaceutical company. |