Nokia Beats ERISA Action Over Company Stock Risks

Law360, New York (September 6, 2011, 8:19 PM EDT) -- A New York federal judge on Tuesday dismissed a consolidated class action alleging Nokia Inc. misled members of its employee pension plan about the safety of investing in company stock, saying plaintiffs failed to provide evidence that Nokia knowingly concealed material information.

Two plan participants, Javad Majd and Ryan Sharif, brought separate actions in April 2010 that were consolidated a month later, claiming the company issued several false and misleading statements with positive investment outlooks despite knowing of impending supply shortages and manufacturing problems.

But U.S....
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Case Information

Case Title

IN RE NOKIA, INC. ERISA LITIGATION


Case Number

1:10-cv-03306

Court

New York Southern

Nature of Suit

Labor: E.R.I.S.A.

Judge

George B. Daniels

Date Filed

April 19, 2010

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