Law360, New York (January 06, 2011, 2:56 PM ET) -- A federal judge has tossed a class action brought against Medtronic Inc. by former employees over a drop in stock prices, saying he would not allow them to use the Employment Retirement Income Security Act to make a securities case.
Judge Patrick J. Schiltz of the U.S. District Court for the Minnesota punted the plaintiffs' third amended complaint with prejudice Wednesday.
The ex-employees claimed that Medtronic and their retirement plan fiduciaries violated their duty to plan members by allowing the plan to invest in Medtronic stock....
Judge Shuts Door On Medtronic ERISA Action
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