Phillips 66 401(k) Investors Want Redo in Stock-Choice Lawsuit

Participants in Phillips 66’s 401(k) plan called on the Fifth Circuit to rethink its decision rejecting their lawsuit challenging the ConocoPhillips Corp. stock held by their plan.

The participants’ June 5 petition for rehearing by the full court claims that a panel’s recent ruling in favor of plan fiduciaries conflicts with the U.S. Supreme Court’s 2015 decision in Tibble v. Edison International, which requires plan fiduciaries to monitor and remove imprudent 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 ...