Solar Cell Maker MEMC Loses Bid To Toss ERISA Suit

Law360, New York (March 19, 2010, 3:30 PM EDT) -- A federal judge has refused to dismiss an Employee Retirement Income Security Act class action alleging solar cell maker MEMC Electronic Materials Inc. continued to invest employee contributions to a 401(k) plan in company stock when it knew the stock was no longer a good investment.

Judge Henry Autrey of the U.S. District Court for the Eastern District of Missouri ruled Wednesday that the complaint, which alleged the company failed to disclose production problems at its factories, met federal pleading standards.

The judge's ruling comes about...
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