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Verizon 401(k) Hedge Fund Challenge Poised for Class Treatment

June 2, 2020, 4:52 PM

A lawsuit challenging a hedge fund investment held by Verizon Communications Inc.'s 401(k) plan should be certified as a class action covering tens of thousands of people, according to a recommendation issued by a federal magistrate judge in the U.S. District Court for the Southern District of New York.

Former Verizon employee Melina Jacobs has standing to represent a class of as many as 200,000 people who held Verizon’s Global Opportunity Fund in their 401(k) accounts with the company, Magistrate Judge Robert W. Lehrburger said in a report filed Monday. Jacobs’ lack of knowledge about the case means she “may...

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