A proposed class action accusing Aegis Media Americas Inc. of mismanaging its $540 million retirement plan will move forward after a Manhattan federal judge denied the digital marketing company’s motion to dismiss.
Aegis called the case a “hindsight attempt to micromanage the Plan through litigation,” arguing that the allegations about plan investments were based on incorrect, irrelevant, and cherry-picked data. Judge Gregory H. Woods appeared to disagree, denying the company’s motion to dismiss in a Feb. 3 order that didn’t include a written explanation for his decision.
The lawsuit, filed in 2020 in the US District Court for the Southern ...