Phillips 66 Workers Denied Second Look in 401(k) Stock Dispute

Participants in Phillips 66’s 401(k) plan lost their bid to have the Fifth Circuit rethink its decision rejecting their challenge to the ConocoPhillips Corp. stock held by their plan.

The appeals court on Thursday denied the participants’ petition for rehearing, which argued that the court’s recent ruling in favor of plan fiduciaries conflicts with U.S. Supreme Court precedent requiring plan fiduciaries to monitor and remove bad investments. The participants urged the Fifth Circuit to revisit their case and rule that retirement plan fiduciaries can’t avoid liability for failing to remove an imprudent fund just because the fund is closed off ...