8th Circ. To Hear NovaStar Challenge To ERISA Class

Law360, New York (May 13, 2009, 12:00 AM EDT) -- A federal appeals court has agreed to hear a challenge to a district judge’s certification of a class that claims NovaStar Financial Inc. caused employees to lose millions of dollars from their retirement accounts and violated federal laws by investing in its own struggling shares.

The U.S. Court of Appeals for the Eighth Circuit on Monday granted NovaStar’s interlocutory appeal of the class certification order after the company argued that this type of class action alleging mismanagement of 401(k) plans’ investments and a breach of the...
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