Great Plains Trust Co. and Kornitzer Capital Management Inc. are facing a third lawsuit challenging their advice to invest retirement plan assets in Lions Gate Entertainment Corp.'s declining stock.
Great Plains and Kornitzer allegedly violated federal benefits law by investing more than a third of a nonprofit’s pension plan assets in a fund filled with Lions Gate stock at a time when its value fell from $41 to $18, according to a lawsuit filed April 26 in the U.S. District Court for the Western District of Missouri.
An investor in the Catholic Charities of Kansas City’s pension plan, with assets ...
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