FedEx Corporation and its board of directors were named as defendants in a federal lawsuit filed today in Memphis by a group of shareholders. The shareholders group is the pension fund of the Plumbers and Pipefitters Local 51 which has holdings in FedEx. It claims in the suit that by the use of independent contractors for its FedEx Ground delivery workforce the company and its board of directors have breached the fiduciary duty to the shareholders by opening the company up to lawsuits filed on behalf of the drivers. In addition, it could face millions in potential penalties assessed against it by the Internal Revenue Service and various state governments for not paying wage taxes.