Judge Shuts Door On Medtronic ERISA Action

Law360, New York (January 6, 2011, 2:56 PM EST) -- A federal judge has tossed a class action brought against Medtronic Inc. by former employees over a drop in stock prices, saying he would not allow them to use the Employment Retirement Income Security Act to make a securities case.

Judge Patrick J. Schiltz of the U.S. District Court for the Minnesota punted the plaintiffs' third amended complaint with prejudice Wednesday.

The ex-employees claimed that Medtronic and their retirement plan fiduciaries violated their duty to plan members by allowing the plan to invest in Medtronic stock....
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