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,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.