Frontier Communications 401(k) Savings Plan, beginning in 2010, took on and kept over $400 million of Verizon and AT&T stock. Rather than diversify this large concentration of non-Frontier Communications stock into the S&P 500, the Frontier Communications 401(k) Savings Plan chose to keep these Plan assets in Verizon and AT&T stock. Shares of Verizon and AT&T have remained flat while the S&P 500 has risen 145% since 2011. The fiduciaries responsible for managing the Frontier Communications 401(k) Savings Plan should have taken steps to diversify its concentration of Verizon and AT&T stock into the S&P 500. Read the Complaint here.
Class Legal Team
Greg Porter of Bailey & Glasser LLP, Robert Izard of Izard, Kindall & Raabe, LLP & Major Khan of MKLLC Law.
September 11, 2018 Complaint filed.
What this means
Litigation likely to last 1 to 2 years has started
What to expect next
Frontier will likely to respond in 30-90 days to the Complaint with a Motion to Dismiss. There are likely to be a series of Motions to Dismiss to which Plaintiffs will respond and the Judge will issue final rulings. If those rulings by the Judge are favorable to Plaintiffs, that will be good news & the litigation will proceed into discovery/fact gathering.
What if I signed a severance agreement with a release of claims?
Severance agreements generally cannot prevent you from being part of a class action or a being a class representative in this type of case. Please contact us if you have more questions on your specific severance agreement.
Is there any cost to me?
No. All plaintiff attorneys are litigating this case on a contingency fee basis.
How can I help and/or participate?
- We are interested in reviewing documents you can download from the Frontier Communications 401(k) Savings Plan website:
- Summary Plan Description (SPD)
- Annual Fee Disclosure
- Statements – Please feel free to blackout any personal data
Please email these to firstname.lastname@example.org or fax to 646-546-5755.
- Refer other affected Frontier Communications 401(k) Savings Plan employees by sharing this page and or posting on social media (FB, LinkedIn).
- Join the case as a plaintiff Class Representative.
Please feel free to email email@example.com or call 646-546-5664 with any additional questions.