This case was last updated from U.S. District Courts on 01/24/2023 at 03:46:01 (UTC).

Quigley et al v. ConocoPhillips Company et al

Case Summary

On January 18, 2023, John E. Quigley and Frances Quigley (collectively, “Plaintiffs”), on behalf of the ConocoPhillips Savings Plan (the “Plan”) and all others similarly situated, represented by Robert A. Izard and Douglas P. Needham of Izard Kindall & Raabe LLP; Mark G. Boyko and Gregory Y. Porter of Bailey & Glasser; and James L. Colvin III of Latham Wagner Steele & Lehman PC, filed a class action lawsuit against ConocoPhillips Company (“ConocoPhillips”), the ConocoPhillips Company Benefits Committee, and its individual members (“the Committee”) (collectively, “Defendants”), seeking declaratory judgment, injunctive relief, and damages for alleged breach of fiduciary duty and deprivation of employee benefits. This case was filed in the U.S. District Court for the Western District of Oklahoma, with Judge Scott L. Palk presiding.

In the complaint, the plaintiffs claimed, “Plaintiffs are participants in the Plan. They bring this action on behalf of the Plan and a class of participants in the Plan whose retirement assets were invested in the ‘Phillips 66 Stock Fund’ or the ‘Phillips 66 Leveraged Stock Fund’ (the ‘Phillips 66 Funds’ or ‘Funds’) from January 18, 2017 to the date of judgment in this Action (the ‘Class Period’).”

The plaintiffs alleged that “Defendants improperly allowed the Plan to offer the Phillips 66 Funds as investment options for the Plan, even though they knew that the Funds were undiversified and had an established track record of being more volatile and riskier for Plan Participants than prudently diversified alternative investment options, without any expectation of higher returns. Defendants failed to liquidate the Funds’ substantial holdings in Phillips 66 common stock thereby subjecting the Plan and its participants to the risks associated with being too heavily invested in one company (‘company risk’) and one industry (‘industry risk’).”

The plaintiffs further alleged, “The Plan’s overly concentrated position caused the Plan and participant Plan accounts to lose over $260 million as the price of Phillips 66 stock fell during the Class Period relative to the performance of prudent alternatives, including diversified US Stock Funds, into which Defendants should have transferred the Phillips 66 stock because it offered demonstrably lower risk without sacrificing any expected return. As a result of these breaches, each Defendant is liable to the Plan for all losses resulting from each of their breaches of fiduciary duty. Plaintiffs also seek equitable relief.”

Plaintiffs presented two claims for relief, including alleged breach of fiduciary duty and co-fiduciary liability. 

In the prayer for relief, the plaintiffs requested a judgment declaring that the defendants have breached their Employee Retirement Income Security Act fiduciary duties to the participants as well as injunctive relief against further breach. Plaintiffs also requested an award of actual and compensatory damages together with costs of litigation. 

This is a summary of a legal complaint. All statements, claims, and allegations listed herein reflect the position of the plaintiff only and do not represent the position of UniCourt. Additionally, this case summary may not reflect the current position of the parties to this litigation or the current status of this case. To view the latest case updates and court documents, please sign up for a UniCourt account.

Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    5:23-CV-00062

  • Filing Date:

    01/18/2023

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Labor - Employee Benefit

Judge Details

Presiding Judge

Scott L. Palk

 

Party Details

Plaintiffs

John E Quigley

Frances Guigley

Defendants

ConocoPhillips Company

The Conocophillips Company Benefits Committee

John/ Jane Does

Attorney/Law Firm Details

Plaintiff Attorneys

Douglas P Needham

Attorney at Izard Kindall & Raabe LLP

29 S Main Street, Suite 305

West Hartford, CT 06107

Gregory Y Porter

Attorney at Bailey & Glasser LLP

1055 Thomas Jefferson Street Nw, Suite 540

Washington, DC 20007

James L Colvin, III

Attorney at Latham Wagner Steele & Lehman PC - TULSA

10441 S Regal Blvd, Suite 200

Tulsa, OK 73133

Mark G Boyko

Attorney at Bailey & Glasser

34 N. Gore Avenue, Suite 102

Webster Groves, MO 63119

Robert A Izard

Attorney at Izard Kindall & Raabe LLP

29 S Main Street, Suite 305

West Hartford, CT 06107

 

Court Documents

1 #1

Main Document

1 #1

Civil Cover Sheet

 

Docket Entries

  • 01/18/2023
  • DocketPAYMENT FOR A CIVIL CASE Filing fee $ 402, receipt number AOKWDC-4072200. (Colvin, James) (Entered: 01/18/2023)

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  • 01/18/2023
  • View Court Documents
  • Docket(#1) COMPLAINT against ConocoPhillips Company, John/ Jane Does, The Conocophillips Company Benefits Committee filed by John E Quigley, Frances Guigley. (Attachments: #1 Civil Cover Sheet)(dtb) (Entered: 01/18/2023)

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