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Puerto Rico workers sue Pfizer, saying drug maker's retirement plans were flawed
SAN JUAN, Puerto Rico (AP) ' Pfizer Inc. is being sued in Puerto Rico by workers who say the drug maker has flawed retirement plans that have cost employees millions.
The suit alleges that Pfizer failed to manage the plans correctly and says a policy of matching retirement contributions with company stock left workers vulnerable. The workers claim the company failed to disclose information that hurt their shares along with other shareholders.
Attorney Joseph Santoli says thousands of workers were affected in Puerto Rico, a pharmaceutical manufacturing hub. He says the company could be liable for hundreds of millions in damages. Pfizer Spokesman Christopher Loder said Thursday that the company hasn't seen the suit. But he says a New York judge rejected similar claims in 2009.
(This version CORRECTS spokesman's last name to Loder instead of Loge.)