May 12, 2016 (Shareholders Foundation) - An investigation on behalf of current or former participants in the National Indemnity Employee Retirement Savings Plan concerning potential Breaches of Fiduciary Duty by the plan administrator was announced.

According to the investigation by a law firm under the federal Employee Retirement Income Security Act (ERISA) current or former participants in the National Indemnity Employee Retirement Savings Plan may be eligible to file an ERISA complaint for putting stock options at risk if they can prove that the plan administrator violated its fiduciary duty to them by the continued offering of the Sequoia Fund as an investment option for National Indemnity Companys employees under the Plan.

In January 2016, a shareholder lawsuit was filed against the Sequoia Funds investment managers and its board of directors. The complaint alleges that, in March 2015 and afterwards, the Sequoia Funds investment strategy outlined in its prospectus was violated by its large stake in Valeant Pharmaceuticals. The complaint alleges that the Sequoia Funds 25% limit on concentration in any one position was violated by its approximately 35% investment in Valeant. The plaintiff further alleges that the Sequoia Funds managers violated its sell strategy by failing to sell Valeant when its valuation became excessive in relation to its expected earnings, and that Valeants $236 per share price was 100 times its 2014 earnings.