Xerox faces 401 (k) plan class suit

Restatement of US$6.4bn revenues of the past five years has sparked moves for a class action of more than 50,000 individuals who participated in Xerox retirement plans from February 1998 up to the present. In Thomas Patti et al v Xerox Corp it is argued that administrators and the board of directors breached their fiduciary duties as they knew, or should have known, that questionable practices made Xerox stock an inappropriate plan investment.