Terex Corp., a Connecticut-based manufacturer of construction, transportation and mining equipment, has agreed to settle a class-action claim by participants in its 401(k) plan for $2.5 million, according to court documents.
Plaintiffs alleged that the company artificially inflated its stock price between December 31, 2007 and February 27, 2009 by not fully disclosing the impact the collapse in real estate and the subsequent subprime mortgage crisis was having on the manufacturer's profits.
About 6,000 participants were enrolled in the plan in 2007, according to the company's Form 5500 filing.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
