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Seventy Seven Energy 401(k) Suit Over Chesapeake Stock Advances

Oct. 12, 2021, 4:12 PM

Seventy Seven Energy Inc.‘s retirement plan committee will face most claims in a proposed class action challenging the Chesapeake Energy stock held in the company’s retirement plan, following a decision by a federal judge in Oklahoma.

Plan participant Christopher Snider can move forward with claims accusing the committee of failing to properly diversify the plan in violation of the Employee Retirement Income Security Act, Chief Judge Timothy D. DeGiusti of the U.S. District Court for the Western District of Oklahoma held Oct. 8. There’s a live circuit split on whether offering a single-stock retirement plan investment can violate ERISA’s duty ...