Additionally, the company attempted to have the suit dismissed on the grounds that the plaintiffs had not exhausted their administrative remedies before filing the lawsuit. However, the judge sided with the plaintiffs, stating that the retirement plan’s administrative process did not specifically cover fiduciary breach claims, so this argument was insufficient to dismiss the case.
Legal Representation
The plaintiffs in the case were represented by Mark K. Gyandoh and Donald R. Reavey of Capozzi Adler PC. Steel Dynamics was represented by Alison V. Douglass and James Fleckner PHV of Goodwin Procter LLP, and William A. Ramsey of Barrett McNagny LLP.
As the case stands, Steel Dynamics has successfully avoided the 401(k) lawsuit for now, but the potential for an amended complaint looms, which could bring the case back to the courtroom.
