Disqus
Sprint’s woes just aren’t going to end any time soon. To take things to the next level of Sprint’s own version of hell, a Sprint employee has filed suit against the company for investing money from the employee pension fund and into Sprint’s falling stocks. By re-routing the money into a bombing stock portfolio, Sprint’s employee pension fund took a big enough hit to make a dent in the pension’s holdings. Apparently, mismanagement of the fund isn’t something that Sprint employees aren’t going to take lying down.
Filed in a US District Court last week, the suit names 12 of Sprint’s Board members as co-defendants. There is also the possibility that this suit will turn into a class-action-flavored lawsuit – which could mean that Sprint is going to have to pony up a bigger pay-out if they lose this battle.
Poor Sprint. Among all the bad news that it’s received that was out of Sprint’s control, we really can’t side with Sprint on this one. Shorting the employee pension fund with last-ditch effort to revive the stock isn’t exactly good business.
[Via: WSJ]
About The Author
Will Park
Will hails from The City of Angels - Los Angeles, California. He spends his time playing with his numerous gadgets and looking forward to seeing what future holds for mobile technology. An avid promoter of a fully "digital" life, he promotes the widespread adoption of truly mobile, paper-less living. He dreams of the day when he can go completely digital. No more snail mail, paper receipts, bound books, notepads/spiral notebooks, credit cards, hard currency. He's a digital warrior - fighting for the converged life. He is an idealist and a realist - he has a perfect view of what the world should be but knows that the world is not perfect. Can we ever hope to see Will's dream become reality? We'll see...
