Zamansky LLC Investigates Possible ERISA Violations in the Johnson & Johnson Savings Plan
Zamansky LLC is investigating Johnson & Johnson Inc. (NYSE: JNJ) (“J&J” or the “Company”) on behalf of its current and former employees for potential violations of the federal Employee Retirement Income Security Act (“ERISA”) in the J&J Savings Plan (the “Plan”). We are investigating whether the ERISA fiduciaries violated duties of prudence by offering J&J stock to employees who are invested in the Plan.
On December 14, 2018, Reuters reported that internal documents produced by J&J in a lawsuit brought by 11,700 plaintiffs who allege their cancer was caused by asbestos found in talc in Baby Powder, reflect that J&J senior officers and lawyers knew for many years. Reuters reported the internal documents showed that raw talc and finished powders sometimes tested positive for small amounts of asbestos, and J&J executives, mine managers, scientists, doctors and lawyers fretted over the problem and how to address it while failing to disclose it to regulators or the public.
Following these revelations, J&J stock fell more than $25 per share, or over 17%, and the Company’s potential exposure may be far-reaching. According to employee stock fraud attorney Jake Zamansky, current or former employees of J&J who purchased and held Company stock through the Plan may have had their retirement savings damaged. Reuters’ allegations raise serious issues as to whether the Plan’s fiduciaries properly executed their duties under ERISA to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What Current and Former J&J Employees Can Do
If you are an existing or former J&J employee who purchased and held J&J stock through the J&J 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 firstname.lastname@example.org.