Appeals Court Vacates Class In EDS 401(k) Case

Law360, New York (January 19, 2007, 12:00 AM EST) -- An appeals court has vacated class certification of a lawsuit brought by employees of Electronic Data Systems Corp. alleging breach of fiduciary duty relating to the company’s 401(k) plan and company stock.

The U.S. Court of Appeals for the Fifth Circuit vacated the decision of the lower court to certify the class of over 85,000 members with a split decision, and remanded the case back to the district court for further consideration.

The plaintiffs can still regain class status if the lower court finds the members...
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