Nokia Hit With ERISA Action Over 'Risky' Stocks

Law360, New York (December 13, 2012, 1:59 PM EST) -- Nokia Corp. was hit with a proposed class action Monday in California federal court, lodged by a group of retirees who allege the company's retirement plan made risky investments in Nokia stock even as the company's financial state crumbled.

Participants in a Nokia retirement plan — led by named plaintiff Ruben Romero — sued as a putative class and alleged the pension plan's “imprudent” investments in company stock represented a violation of the Employee Retirement Income Security Act. In addition to the company, the suit names...
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Case Information

Case Title

Romero v. Nokia, Inc. et al


Case Number

5:12-cv-06260

Court

California Northern

Nature of Suit

Labor: E.R.I.S.A.

Judge

Phyllis J. Hamilton

Date Filed

December 10, 2012

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