Lockheed Plaintiffs Can't Pursue Direct Action: Judge

Law360, New York (February 12, 2010, 2:37 PM EST) -- A federal judge has blocked an attempt by the plaintiffs in an Employee Retirement Income Security Act class action against Lockheed Martin Corp. to pursue a direct action alleging mishandling of the company's stock funds.

In April, Judge Michael J. Reagan of the U.S. District Court for the Southern District of Illinois granted class certification to the plaintiffs who participated in two investment plans: the Salaried Savings Plan and the Hourly Savings Plan, both considered defined contribution plans.

However, he refused to certify claims based on...
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