Pilgrim’s Pride Hit With Lawsuit Over 401(k) Investment Choices

A Pilgrim’s Pride Corp. employee sued the company Friday for allegedly breaching its duties to retirement plan participants by maintaining an underperforming investment fund.

Yohanna Wallace filed the proposed class action complaint in the US District Court for the District of Colorado, alleging Pilgrim’s Pride and its related entities violated the Employee Retirement Income Security Act by failing to prudently manage the plan’s investments and engaging in prohibited transactions with a party in interest. Pilgrim’s Pride didn’t immediately respond to a request for comment.

By investing substantial assets into an insurance company’s investment contract with “underperforming crediting rates, defendants failed ...