11th Circ. Won't Touch Home Depot ERISA Case

Law360, New York (May 8, 2012, 6:47 PM EDT) -- The Eleventh Circuit on Tuesday refused to revive a putative Employee Retirement Income Security Act class action brought by former Home Depot Inc. workers who said stock option backdating at the company made its stock an imprudent retirement plan investment.

A three-judge appeals panel upheld a trial court's decision to grant Home Depot's dismissal bid, though it took issue with some of the lower court's reasoning. Home Depot had successfully argued that the plaintiffs' prudence claim was actually a disguised claim that the defendants failed to...
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