ERISA Action Against Transport Co. Beats Dismissal Bid

Law360, New York (November 1, 2010, 3:41 PM EDT) -- A federal judge has refused to dismiss most of a putative class action alleging transportation giant YRC Worldwide Inc. botched the management of a retirement plan by allowing workers to invest in soon-to-be worthless company stock.

Judge John W. Lungstrum of the U.S. District Court for the District of Kansas largely denied YRC's motion to dismiss the complaint Friday. The consolidated complaint was brought by four former YRC employees after company stock dropped from more than $25 per share to under $1.

The lawsuit's central allegation...
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