Gannett Seeks Supreme Court Look at 401(k) Plan’s Tegna Stock

Nov. 6, 2020, 4:52 PM

Gannett Co. called on the U.S. Supreme Court to use a lawsuit challenging the newspaper publisher’s 401(k) plan to resolve a circuit split and hold that federal benefits law allows retirement plans with diversified investment menus to offer single-stock investment funds.

Gannett objects to a ruling reviving a challenge to its decision to offer the stock of former parent company Tegna Inc. in its 401(k) plan.

The U.S. Court of Appeals for the Fourth Circuit’s decision allowing the suit to move forward creates a circuit split with the Second and Fifth circuits, contradicts the text of the Employee Retirement Income...

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