Schering-Plough ERISA Suit Tossed

Law360, New York (September 2, 2009, 4:09 PM EDT) -- A federal judge has dismissed a class action that accused Schering-Plough Corp. of mishandling its retirement plan by improperly steering employees into buying company stock.

Judge Dennis Cavanaugh of the the U.S. District Court for the District of New Jersey ruled Aug. 31 to dismiss the suit without prejudice, granting the plaintiffs 30 days to file an amended complaint.

The plaintiffs alleged Schering-Plough and its management breached fiduciary duties owed to participants in its employees' savings plans. The company knew or should have known that employee...
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