SAN FRANCISCO – Participants in the Chevron Employee Savings Investment Plan are suing the company, alleging that it unlawfully breached its fiduciary duties.
Charles E. White Jr., John P. Jacobs, Verlan D. Hoopes, Nora L. Pennington, James A. Ray and Jeannette A. Finley filed a class-action lawsuit on Feb. 17 in the U.S. District Court Northern District of California against Chevron Corp., Chevron Investment Committee, and John Does 1-20, citing breach of fiduciary duty.
According to the complaint, the plaintiffs allege that they had to pay unreasonably high expenses for administration of the plan offered by the defendants. They hold Chevron Corp., Chevron Investment Committee and John Does 1-20 responsible because they allegedly selected high-priced, poor-performing shares instead of choosing identical lower-cost shares, which were available to the plan.
The plaintiffs seek the following: reforming the plan to render it compliant of the Employee Retirement Income Security Act, attorney's fees and costs of the suit and any other relief the court deems just and proper. They are represented by Jerome J. Schlichter, Michael A. Wolff, Troy A. Doles, and Heather Lea of Schlichter, Bogard & Denton LLP in St. Louis, and Jamie L. Dupree and Jaime G. Touchstone of Futterman, Dupree, Dodd, Croley, Maier LLP in San Francisco.
U.S. District Court for the Northern District of California Case number 3:16-cv-00793-MEJ