Sidley Secures Complete Defense Trial Victory for Gannett in ERISA Class Action

Sidley successfully tried an ERISA class action on behalf of Gannett Co., Inc., resulting in a complete defense victory in the U.S. District Court for the Eastern District of Virginia on December 5, 2023. Plaintiffs represented a class of more than 10,000 participants in Gannett’s 401(k) plan who alleged that the committee in charge of the plan breached its fiduciary duties by taking too long to liquidate a legacy stock fund that invested in the stock of Gannett’s former parent company. Plaintiffs sought upwards of US$58 million in damages. This was the first time this particular issue has ever been tried. The Sidley team succeeded in convincing the court in a three-day bench trial that the Gannett committee followed a prudent process and breached no duties. On December 8, 2023, Sidley received runner-up honors for “Litigator of the Week” by The American Lawyer.

The Sidley team was led by Chicago partners Eric Mattson and Chris Meyer, and also included managing associate Nicole Heise, associate Tommy Hoyt, and paralegal Dana Velkovich (all in Chicago).