KeyCorp Escapes ERISA Stock Drop Action By Workers

Law360, New York (January 30, 2013, 5:41 PM EST) -- An Ohio federal judge on Tuesday dismissed a putative class action brought by KeyCorp 401(k) participants who said they paid inflated prices for company stock, ruling the plaintiffs never cited an instance where alleged misrepresentations by KeyCorp caused a sharp drop in its stock value.

U.S. District Judge Donald C. Nugent said the Employee Retirement Income Security Act suit fell short of the loss causation requirements laid out in the U.S. Supreme Court's 2005 decision in Dura Pharmaceuticals v. Broudo, which noted that stock prices can...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Lobasso v. KeyCorp et al


Case Number

1:10-cv-02117

Court

Ohio Northern

Nature of Suit

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

Judge

Donald C. Nugent

Date Filed

September 21, 2010

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.