Zamansky LLC announces that it has commenced an investigation of United States Steel Corporation over its Savings Fund for Salaried Employees for violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties on companies to prudently manage and invest plan assets. These duties were violated by U.S. Steel’s offering of company stock despite its lack of prudence as an investment.
During the last two years, U.S. Steel Corp.’s stock price has fallen by over 60%. U.S. Steel Corp. has incurred net losses in 2010, 2011 and 2012. US Steel’s long-term debt has been below investment grade for two years, and it was last put on negative credit watch. .
If you are an existing or former U.S. Steel employee who owns stock through the employee savings plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at email@example.com.