Description: Action alleging that coal company breached fiduciary duties in connection with employee pension plans by retaining stock in company.
-
Roe v. Arch Coal, Inc.
Case Documents:
Filing Date Type File Action Taken Summary 01/15/2016 Order Download Order issued. The court stayed proceedings after Arch Coal filed a notice advising the court that it had filed a Chapter 11 bankruptcy petition in the bankruptcy court for the Eastern District of Missouri. 06/09/2015 Complaint Download Complaint filed. Class Action Complaint Alleged That Arch Coal Breached Fiduciary Duties for Employees’ Pension Plans. A representative participant in the employee pension plan of Arch Coal, Inc. (Arch) filed a class action complaint against the company alleging breaches of fiduciary duty pursuant to the Employee Retirement Income Security Act (ERISA). The plaintiff asserted that the defendants retained Arch stock as investment options in the plans when a reasonable fiduciary would have done otherwise. The complaint alleged that defendants should have known that the pension plan’s investments in Arch stock were imprudent because of the “sea-change” in the coal industry. Causes of this “sea-change” cited in the complaint included the regulation of carbon dioxide emissions from power plants.