CenturyLink Investors Get Another Chance in 401(k) Fee Case

CenturyLink Inc. investors challenging how the company managed its $5.6 billion 401(k) plan will have another chance to advance their claims, a federal judge held.

The investors can file a third amended lawsuit to sufficiently allege their claims that CenturyLink breached its fiduciary duties under the Employee Retirement Income Security Act, Judge Christine M. Arguello of the U.S. District Court for the District of Colorado held March 21.

Arguello mostly agreed with a federal magistrate judge’s report recommending the dismissal of the investors’ lawsuit because it was based on unsupported and conclusory allegations.

Arguello, however, rejected the magistrate judge’s recommendation ...