9th Circ. ERISA Ruling Spurs Meritless Suits, Chamber Says

Law360, Los Angeles (July 1, 2013, 4:26 PM EDT) -- The U.S. Chamber of Commerce on Friday warned that the Ninth Circuit's recent revival of an Employee Retirement Income Security Act class action over a dip in Amgen Inc.'s stock price encourages meritless lawsuits and dissuades companies from using their stock in retirement plans.

Last month, the appeals court reversed the dismissal of current and former Amgen Inc. employees' suit, which claims that their retirement plans shouldn't have been invested in company stock during a period when share prices were allegedly inflated. Amgen's stock price tumbled...
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