3rd Circ. Vacates Class Cert. In Schering ERISA Suit

Law360, New York (December 22, 2009, 5:13 PM EST) -- A federal appellate court has vacated a district court's decision certifying a class in a suit accusing Schering-Plough Corp. and its fiduciaries of misleading its employees about the value of its own stock, causing them to invest their pensions in securities that ultimately lost tens of millions of dollars in value.

Judge Marjorie O. Rendell of the U.S. Court of Appeals for the Third Circuit wrote Monday on behalf of a three-judge panel that the U.S. District Court for the District of New Jersey must reconsider...
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