ERISA Claims Against Honda, Merrill Lynch Tossed

Law360, New York (October 13, 2009, 5:11 PM EDT) -- A federal judge has dismissed a class action filed by former employees of Honda of America Manufacturing Inc. alleging the carmaker and Merrill Lynch & Co. violated the Employee Retirement Income Security Act and breached their fiduciary duties by implementing high fees in Honda's 401(k) savings plan.

The plaintiffs' argument that the defendants violated ERISA's self-dealing clause by failing to disclose the fees failed to state a claim, U.S. District Judge Gregory Frost of the Southern District of Ohio ruled.

Judge Frost granted Honda's dismissal motion...
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