Wachovia Wins Toss Of ERISA Class Action

Law360, New York (August 9, 2010, 4:29 PM EDT) -- A federal judge has thrown out a putative class action against Wachovia Corp. and its executives that had accused them of violating the Employee Retirement Income Security Act and breaching their fiduciary duties by investing the company's retirement plan assets in Wachovia common stock despite a deteriorating financial situation at the bank.

Judge Martin Reidinger of the U.S. District Court for the Western District of North Carolina ruled Friday that Wachovia officers did not possess the discretionary authority to remove the bank's securities from the list...
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