Business Services Industry
Delta bars employees from investing in airline's own stock.
Knight Ridder/Tribune Business News, August, 2004
By Trebor Banstetter, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News
Aug. 21--The risk of bankruptcy at Delta Air Lines has grown so high that its employees have been barred from investing in the airline's stock through their retirement plan.
The decision was made this month by U.S. Trust Corp., an independent financial adviser recently appointed to manage the Delta Stock Fund, a fund available in Delta's 401(k) retirement plan that invests only in shares of the airline.
U.S. Trust was also tapped to oversee Delta's Employee Stock Ownership Plan, which the airline uses to match a portion of employees' retirement contribution with Delta stock.
Previously, those funds had been overseen by a committee of...
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