6th Circ. Nixes KeyCorp ERISA Case Over Lack Of Injury

Law360, New York (May 25, 2012, 7:23 PM EDT) -- A KeyCorp 401(k) plan participant who sold company stock while its price was allegedly artificially inflated suffered no out-of-pocket loss and has no standing to sue, the Sixth Circuit said Friday, declining to revive a putative class action.

A three-judge panel affirmed a trial court's decision to toss proposed class representative Ann Taylor's Employee Retirement Income Security Act suit that targeted KeyCorp, the KeyCorp Trust Oversight Committee and numerous individuals.

She claimed that the defendants breached their fiduciary duties by misrepresenting or failing to disclose inappropriate...
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