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Gannett Workers Want Class of 12,000 in 401(k) Tegna Stock Suit

April 18, 2022, 3:48 PM

Gannett Co. workers challenging the stock of former parent company Tegna Inc. in their 401(k) plan asked a Virginia federal judge to certify the case as a class action covering more than 12,000 people.

The case turns on common questions about Gannett’s status as a 401(k) plan fiduciary and whether it violated its fiduciary duties by allowing the plan to hold $269 million in Tegna stock after a corporate spin-off, plaintiff Christina Stegemann said in an April 15 class certification motion filed in the U.S. District Court for the Eastern District of Virginia. Stegemann’s proposed class includes more than 12,000 ...