Law360, New York (June 13, 2012, 5:42 PM ET) -- A Sixth Circuit ruling that shot down a putative Employee Retirement Income Security Act class action against KeyCorp bolstered the argument that litigation claiming GlaxoSmithKline PLC wronged 401(k) plan members by letting them invest in company stock was properly dismissed, GSK told the Second Circuit on Monday.
GSK told the appeals court that its sister circuit's May 25 decision in Taylor v. KeyCorp, which said a 401(k) plan participant who sold KeyCorp stock while it was allegedly inflated didn't suffer an out-of-pocket loss and lacked standing...
GSK Says ERISA Suit Dismissal Backed By 6th Circ. Ruling
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