http://finance.yahoo.com/news/Pfizer-sued-Puerto-Rico-apf-491719035.html?x=0
Employees of Pfizer Inc. have filed suit against the company, alleging the world's largest drug maker failed to properly manage its retirement plans and caused losses totaling hundred of millions over the past decade.
The suit, filed Wednesday in federal court in Puerto Rico, alleges Pfizer allowed employees to amass such high concentrations of WORTHLESS company stock that workers were extremely vulnerable to market fluctuations and says the plans could not be considered prudently managed as required by the U.S. law.
Six former employees are named, but the suit seeks class-action status. Attorney Joseph Santoli said thousands of current and former workers in Puerto Rico were affected by Pfizer retirement plans and total losses amount to "hundreds of millions" dating back to 2000.
Employees of Pfizer Inc. have filed suit against the company, alleging the world's largest drug maker failed to properly manage its retirement plans and caused losses totaling hundred of millions over the past decade.
The suit, filed Wednesday in federal court in Puerto Rico, alleges Pfizer allowed employees to amass such high concentrations of WORTHLESS company stock that workers were extremely vulnerable to market fluctuations and says the plans could not be considered prudently managed as required by the U.S. law.
Six former employees are named, but the suit seeks class-action status. Attorney Joseph Santoli said thousands of current and former workers in Puerto Rico were affected by Pfizer retirement plans and total losses amount to "hundreds of millions" dating back to 2000.