ERISA Claims Against Honda, Merrill Lynch Tossed

Law360, New York (October 13, 2009, 5:11 PM EDT) -- A federal judge has dismissed a class action filed by former employees of Honda of America Manufacturing Inc. alleging the carmaker and Merrill Lynch & Co. violated the Employee Retirement Income Security Act and breached their fiduciary duties by implementing high fees in Honda's 401(k) savings plan.

The plaintiffs' argument that the defendants violated ERISA's self-dealing clause by failing to disclose the fees failed to state a claim, U.S. District Judge Gregory Frost of the Southern District of Ohio ruled.

Judge Frost granted Honda's dismissal motion...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.