6th Circ. Revives GM Workers' ERISA Suit Against State Street

Law360, New York (February 22, 2012, 6:19 PM EST) -- The Sixth Circuit on Wednesday revived a putative class action alleging State Street Bank & Trust Co. violated federal employment law by allowing General Motors employees to invest in the company's stock even after GM's impending bankruptcy became public knowledge.

The appeals court reversed a lower court decision dismissing the case and remanded the suit for further proceedings, finding that the district court had erred in ruling State Street’s alleged breach of duty could not have plausibly caused losses to the retirement plans.

“The opinion is...
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