Frontier Communications 401(k) plan participant sues over Verizon stock fund [telecom]

By Rob Kozlowski

Frontier Communications Corp., Norwalk, Conn., is the target of a fiduciary lawsuit by a 401(k) plan representative alleging the telecommunications company violated its fiduciary duty by offering a Verizon Communications Inc. company stock fund.

The lawsuit, filed on Tuesday in U.S. District Court in New Haven, Conn., by Mary Reidt on behalf of plan participants, alleges the plan has lost $100 million since adding Verizon company stock as an investment option in its 401(k) plan. In July 2010, Frontier "acquired of certain locations" from Verizon in July 2010, and between then and Dec. 30, 2011, the plan "received and retained about $150 million in Verizon stock, representing over 15% of the plan's assets," according to the filing, In April 2016, following another acquisition from Verizon, the lawsuit said Frontier added another $200 million in Verizon stock to the 401(k) plan.

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