Paper Co. Execs Get 401(k) Fraud Suit Tossed, For Now | #employeefraud | #recruitment | #corporatesecurity


Law360 (July 27, 2020, 7:01 PM EDT) — A Wisconsin federal judge tossed on Monday a sprawling lawsuit claiming former executives of paper company Appvion Inc. fraudulently induced employees into sinking their retirement savings into overvalued Appvion stock that became worthless when the company hit Chapter 11 in 2017, but the judge let investors amend their complaint.

In a 52-page decision, U.S. District Judge William C. Griesbach ruled that the claims brought by the plan’s administrator, Grant Lyon, under the Employee Retirement Income Security Act against the executives are either time-barred by the six-year statute of repose or aren’t sufficiently pleaded with particularity. Additionally, he concluded, the fraud allegations…

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