ERISA Case Dismissed In Avon Securities MDL

Law360, New York (March 31, 2009, 12:00 AM EDT) -- Beauty supplier Avon Products Inc. has won dismissal of a case brought by shareholders under the Employee Retirement Income Security Act in multidistrict litigation that accuses the company of breaching its fiduciary duties by issuing misleading statements about the company’s finances.

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York on Monday granted Avon’s long-standing motion to dismiss the ERISA claims, finding that the shareholders had failed to state a claim on which relief could be granted.

“The court has...
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