On November 23, 2016, Zamansky LLC filed a class action lawsuit and has been appointed lead counsel on behalf of all current and former employees of Exxon Mobil Corporation (“Exxon”) who were participants in the Exxon Mobil Savings Plan (the “Plan”). The lawsuit alleges violations of the federal Employee Retirement Income Security Act (“ERISA”) by the Plan’s fiduciaries. ERISA imposes fiduciary duties to prudently manage and invest plan assets.
Any current or former Exxon employees who purchased and held Exxon stock (XOM) through the Plan from November 2015 through October 2016 is potentially eligible for the class, according to Jake Zamansky, a leading employee stock fraud attorney. The ERISA lawsuit follows the securities fraud class action that was filed against Exxon, alleging that Exxon’s stock price was artificially inflated due to overstated oil and gas reserves in view of the costs associated with global climate change. The allegations raise serious issues whether the Plan’s fiduciaries properly executed their duties under ERISA, Zamansky states, and whether they should have acted to protect the employees’ retirement savings.
What Current and Former Exxon Employees Can Do
If you are an existing or former Exxon employee who purchased and held Exxon stock from November 2015 through October 2016 through the Exxon Mobil Savings Plan, you may be eligible to be a class member. To participate or for an evaluation of your eligibility, please contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org, or fill out the Confidential Contact Form located to the right and Jake will contact you shortly.