Cases & Deals

J.C. Penney contributes $340 million of Common Stock to pension plan

Client(s) J.C. Penney Company, Inc.

Jones Day advised J.C. Penney Company, Inc., one of America's leading retailers operating throughout the United States and Puerto Rico, in connection with a contribution of $340 million of its Common Stock to its defined benefit pension plan pursuant to a private placement and the subsequent registration of those shares for resale by the plan. The transaction included an analysis of the fiduciary requirements of the contribution under ERISA.