Nokia Hit With ERISA Action Over 'Risky' Stocks

Law360, New York (December 13, 2012, 1:59 PM EST) -- Nokia Corp. was hit with a proposed class action Monday in California federal court, lodged by a group of retirees who allege the company's retirement plan made risky investments in Nokia stock even as the company's financial state crumbled.

Participants in a Nokia retirement plan — led by named plaintiff Ruben Romero — sued as a putative class and alleged the pension plan's “imprudent” investments in company stock represented a violation of the Employee Retirement Income Security Act. In addition to the company, the suit names...
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