2nd Circ. Shoots Down Nokia ERISA Class Action

Law360, New York (June 21, 2013, 2:14 PM EDT) -- The Second Circuit on Friday dismissed a class action alleging Nokia Inc. duped members of its employee pension plan about the safety of investing in company stock, ruling the firm didn’t keep information about its deteriorating financial condition secret.

A three-judge panel denied an appeal seeking to reinstate claims that fiduciaries of the Nokia Retirement Savings and Investment Plan breached their duties of prudence and loyalty by offering shares in Nokia Corp., the technology firm’s Finnish parent company, beginning in January 2008. Manufacturing and pricing issues later...
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