Fla. Bank Stock-Drop Class Action Tossed

Law360, New York (June 4, 2010, 12:26 PM EDT) -- A federal judge has thrown out a class action alleging the parent company of a defunct Florida bank breached its fiduciary duty and violated the Employee Retirement Income Security Act by investing workers' earnings in company stock, which the plaintiffs say is now worthless.

Judge James Moody Jr. of the U.S. District Court for the Middle District of Florida dismissed the case Wednesday. The suit was brought on behalf of employees at Community National Bank of Sarasota County, Venice, Fla., the subsidiary of Community National Bank...
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