GSK ERISA Class Action Overblown, 2nd Circ. Says

Law360, New York (September 4, 2012, 3:09 PM EDT) -- The Second Circuit on Tuesday affirmed the dismissal of a putative Employee Retirement Income Security Act class action accusing the company of failing 401(k) plan members by continuing to offer GSK stock in the midst of a double-digit drop in share price, saying the plaintiffs failed to state a plausible abuse claim. 

In a summary order on Monday, a three judge panel said that the short term, suboptimal performance of GSK’s stock price was not a sufficient injury to justify an abuse of fiduciary duty claim,...
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