Parker Hannifin 401(k) Challenge Resets to Account for New Law

Cleveland-based Parker Hannifin Corp. can revise its motion to dismiss a proposed class action claiming mismanagement in its $4.3 billion retirement plan to account for “substantial” new guidance from the Sixth Circuit, a federal judge said.

Judge Bridget Meehan Brennan denied the company’s motion to dismiss so that the company could refile a new motion that incorporates “new law” from the US Court of Appeals for the Sixth Circuit. Brennan, of the US District Court for the Northern District of Ohio, said this move was driven by “the importance of understanding how recent decisions may apply to the facts and ...