5th Circ. Tosses ERISA Action Against Idearc Execs

Law360, Los Angeles (July 9, 2013, 9:42 PM EDT) -- The Fifth Circuit on Tuesday affirmed the dismissal of an Employee Retirement Income Security Act class action brought by participants in now-defunct Idearc Inc.’s management plan, who accused the company’s board members and officers of breaching fiduciary duty by failing to divest company stock and to stop offering it as an investment option.

A Texas federal judge first dismissed the lawsuit in 2011, finding that the plan's trust agreement mandated that company stock be an option, but allowed the plaintiffs leave to file an amended complaint....
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