Attorneys announced a investigation of Popular, Inc. (“Popular” or the “Company”) (Nasdaq: BPOPN) for potential violations of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The investigation focuses on investments in Company stock in the Popular, Inc. U.S.A. 401(k) Savings & Investment Plan and the Popular, Inc. Puerto Rico Savings and Investment Plan (the “Plans”).
The investigation involves concerns that Popular and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants’ retirement savings.
Attorneys seek to speak with participants of the Popular, Inc. U.S.A. 401(k) Savings & Investment Plan or the Popular, Inc. Puerto Rico Savings and Investment Plan and held Popular common stock in the Plans