GSK Beats ERISA Class Action Over Stock Price Drop

Law360, New York (May 11, 2011, 9:36 PM EDT) -- A New York federal court on Wednesday threw out consolidated Employee Retirement Income Security Act litigation alleging GlaxoSmithKline PLC had wronged its 401(k) plan members by allowing them to invest in the company's sinking stock.

The court entered final judgment in the case after U.S. District Judge Alvin K. Hellerstein granted a GSK dismissal motion last week. Judge Hellerstein has not released an opinion explaining his reasons for tossing the case, but GSK had argued the plan members' suit essentially amounted to gripes about corporate policy...
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