11-01-2010, 01:48 PM
Columbia Employees Alleged That Scott's Mismanagement Hurt Their Own Pension Fund
Two Columbia Employees Filed A Class Action Suit Against Columbia/HCA Alleging The Company's Pension Fund Was Mismanaged, Possibly Costing 10,000 Employees $250 Million In Retirement Savings. In December 1997, the Atlanta Business Chronicle reported that, "Trustees of Columbia/HCA Healthcare Corp.'s stock-bonus plan invested almost all of the plan's assets in the company's stock but failed to diversify as the share price plummeted in 1997, according to a lawsuit filed in U.S. District Court in Atlanta. Such an investment strategy may have cost some 10,000 Columbia employees more than $ 250 million in anticipated retirement funds as a federal Medicare-fraud investigation crippled the stock this year, according to the lawsuit and supporting documents." [Atlanta Business Chronicle, 12/19/97]
Two Columbia Employees Filed A Class Action Suit Against Columbia/HCA Alleging The Company's Pension Fund Was Mismanaged, Possibly Costing 10,000 Employees $250 Million In Retirement Savings. In December 1997, the Atlanta Business Chronicle reported that, "Trustees of Columbia/HCA Healthcare Corp.'s stock-bonus plan invested almost all of the plan's assets in the company's stock but failed to diversify as the share price plummeted in 1997, according to a lawsuit filed in U.S. District Court in Atlanta. Such an investment strategy may have cost some 10,000 Columbia employees more than $ 250 million in anticipated retirement funds as a federal Medicare-fraud investigation crippled the stock this year, according to the lawsuit and supporting documents." [Atlanta Business Chronicle, 12/19/97]