Diebold Asks Court To Toss ERISA Class Action

Law360, New York (August 15, 2007, 12:00 AM EDT) -- Automatic teller manufacturer Diebold Inc. asked a federal court on Tuesday to throw out a purported class action lawsuit which alleged that the company had mismanaged its employees' retirement benefits, saying the plaintiffs' claims rested on securities law rather than employment law.

The plaintiffs' complaint said Diebold had artificially inflated its stock prices in order to mislead its employees into investing their pensions in the company's stock. Diebold has responded by asserting that a charge misrepresenting the true value of securities is governed by securities law,...
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