Radian ERISA Subprime Class Action Thrown Out

Law360, New York (May 28, 2010, 3:44 PM EDT) -- A federal judge has pulled the plug on an Employee Retirement Income Security Act class action against Radian Group Inc. accusing the mortgage insurance company of misleading employee pension plan participants about risks associated with Radian stock during the subprime crisis.

Judge Mary McLaughlin signed off on Radian's motion to dismiss with prejudice in the U.S. District Court for the Eastern District of Pennsylvania on Wednesday, ruling that the plaintiff failed to properly allege breach of fiduciary duty.

The court had shut down the ERISA suit...
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