ST. LOUIS — A retirement plan representative is suing a renewable-energy company, citing alleged breach of fiduciary duty.
Alexander Y. Usenko, derivatively on behalf of the SunEdison Semiconductor Ltd. Retirement Savings Plan, filed a complaint Aug. 9 in the U.S. District Court for the Eastern District of Missouri against SunEdison Semiconductor LLC, The Investment Committee of the SunEdison Semiconductor Retirement Savings Plan and John Does 1-10, alleging that the defendants violated the Employee Retirement Income Security Act (ERISA).
According to the complaint, the plaintiff alleges on June 24, 2014, a retirement plan was created covering all eligible employees of the defendants, which would share the company's profits for financial support upon retirement or in the event of death or disability. The plaintiff claims that prior to and during the relevant period, defendants suffered a massive amount of debt threatening its ability to finance its projects and the company's survival.
The plaintiff alleges the defendants failed to monitor the assets in the SunEdison Stock Fund, failed to remove the investment from the retirement plan and failed to engage in a reasoned decision-making process regarding the prudence of SunEdison stock.
The plaintiff requests a trial by jury and seeks judgment awarding actual damages in the amount of any loss the plan suffered, award of costs, attorneys' fees, equitable restitution and other appropriate equitable monetary relief. He is represented by Don R. Lolli of Dysart Taylor Cotter McMonigle & Montemore PC in Kansas City, Missouri, and Robert I. Harwood and Daniella Quitt of Harwood Feffer LLP in New York City.
U.S. District Court for the Eastern District of Missouri case number 4:17-cv-02227-AGF