CNB Gets Another Would-Be ERISA Suit Dropped

Law360, New York (September 30, 2010, 5:44 PM EDT) -- A federal judge has tossed another putative class action accusing Community National Bank Corp. of breaching its fiduciary duties under the Employee Retirement Income Security Act by investing its employees' earnings in the company's own stock, which has since plummeted in price.

Judge James S. Moody dismissed the suit without prejudice in the U.S. District Court for the Middle District of Florida on Sept. 24, ruling that the employee plaintiffs had not exhausted the employee stock ownership plan's administrative remedies before launching the suit.

The judge...
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