Schweitzer, et al v. The Investment Committee of the Phillips 66 Savings Plan

Plaintiffs brought this class action in the United States District Court for the Southern District of Texas on October 9, 2017, on behalf of themselves and all participants in the Phillips 66 Savings Plan (the “Plan”). Plaintiffs allege that the fiduciaries of the Plan improperly decided to allow the investment of Plan assets in the stock of ConocoPhillips, even though investment in a single-company stock fund is extremely risky – a risk that was compounded because ConocoPhilips stock has the volatility common to the oil and gas industry. Phillips 66, the employer and sponsor of the Plan, was created in 2012 when ConocoPhillips spun off certain parts of its then-existing business, creating a wholly-separate, unaffiliated entity.

On May 9, 2018, the Court granted Defendants’ Motion to Dismiss the case.  Plaintiffs filed a timely appeal with the United States Court of Appeals for the Fifth Circuit.

Plaintiff filed a Motion for Rehearing by the full circuit court, which was denied on October 8, 2020. Plaintiff filed a petition for certiorari with the United States Supreme Court, which remains pending.