Stiefel Can't Shake ERISA, Fraud Claims Over GSK Buy
By Max Stendahl
Law360, New York (January 18, 2012, 5:42 PM ET) -- A Florida federal judge on Tuesday shot down Stiefel Laboratories Inc.’s bid to toss a lawsuit alleging it tricked a former sales representative into selling Stiefel shares back to the company at artificially low prices before it was bought by GlaxoSmithKline PLC.
In a one-page ruling, U.S. District Judge James Lawrence King denied Stiefel’s motion for summary judgment on Employee Retirement Income Security Act and securities fraud claims brought by Timothy Finnerty, the only remaining plaintiff in what was once a putative class action. The ruling...