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]