A federal judge dismissed a class action accusing Dow, DuPont and related other companies for breaching their fiduciary duties in managing the $23.4 billion DuPont U.S. Pension and Retirement Plan.
The suit, filed July in U.S. District Court in Oakland, accused the defendants of breaching their fiduciary duties, failing to follow pension plan documents, failing to notify participants of changes to the plan and failing to properly fund the pension plan.
After DowDuPont split into three companies in 2019 — Corteva, DuPont and Dow — Corteva was put in charge of maintaining the $23.4 billion DuPont U.S. Pension and Retirement Plan.
In placing the burden of managing the plan on Corteva, the suit argues, the defendants breached their fiduciary duties, put the plan at risk of failing and failed to "sufficiently advise participants of the status of the plan."
"Having carefully considered the papers submitted, the arguments of the parties at the hearing, the admissible evidence and the pleadings in this action ... the court hereby grants defendants' motion to dismiss," wrote Judge Yvonne Gonzalez Rogers on Monday.
Ms. Rogers added that, in many cases, defendants failed to provide "sufficient facts to support the claims against" the defendants.
Plaintiffs have 28 days from the dismissal date to file an amended complaint.