SCOTUS Wants Government Input on Tegna Stock in Gannett 401(k)

The U.S. Supreme Court on Monday signaled its interest in an ERISA case challenging the Tegna Inc. stock in Gannett Co.'s 401(k) plan, asking the acting U.S. solicitor general to give the government’s view on whether federal benefits law allows retirement plans with diversified investment menus to offer single-stock investment funds.

Gannett wants the court to undo a 2020 decision by the U.S. Court of Appeals for the Fourth Circuit reviving a proposed class action challenging Gannett’s decision to allow workers to invest their 401(k) accounts in the stock of former parent company Tegna. In a 2-1 split opinion, the ...