KeyCorp ERISA Stock-Drop Class Action Nixed

Law360, New York (August 13, 2010, 4:46 PM EDT) -- A federal judge has thrown out a putative class action alleging KeyCorp violated the Employee Retirement Income Security Act by allowing 401(k) plan participants to invest in the company’s allegedly inflated stock.

Judge Donald C. Nugent of the U.S. District Court for the Northern District of Ohio issued the ruling Thursday, saying the proposed class representative, Ann I. Taylor, did not suffer an injury and therefore did not have standing to sue.

At issue in the case was whether to apply the “out-of-pocket” or “alternative investment”...
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