Business Services Industry
Lawsuit blames Aquila leaders for breaching fiduciary duties.
Knight Ridder/Tribune Business News, September, 2004
By Steve Everly, The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Sep. 28--Aquila Inc.'s employees lost more than $150 million in retirement funds at least in part because the company failed its fiduciary duty, a lawsuit alleges.
The lawsuit was filed Friday in U.S. District Court in Kansas City on behalf of a former Aquila employee and seeks to include other affected former and current employees, thought to number in the thousands.
The suit accuses Aquila's top executives and its board of directors of breaching their fiduciary duties to provide complete and accurate information that would have enabled employees to make informed investment decisions for their 401(k) investment accounts.
Employee retirement...
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