Yates v. Nichols, as Administrator for the Marathon Petroleum Thrift Plan, No. 3:17-cv-1389 (N.D. Ohio 2017)
Plaintiff brought this class action in the United States District Court for the Northern District of Ohio on June 30, 2017, on behalf of herself and all participants in the Marathon Petroleum Thrift Plan (the “Plan”). Plaintiff alleges that the fiduciaries of the Plan improperly decided to allow the investment of Plan assets in the stock of Marathon Oil, even though investment in a single-company stock fund is extremely risky – a risk that was compounded because Marathon Oil stock has the volatility common to the oil and gas industry. Marathon Petroleum, the employer and sponsor of the Plan, was created in 2011 when Marathon Oil spun off certain parts of its then-existing business, creating a wholly-separate, unaffiliated entity.