Chesapeake Escapes ERISA Suit Over Falling Share Prices

Law360, Los Angeles (October 11, 2013, 9:55 PM EDT) -- An Oklahoma federal judge Friday threw out a consolidated securities class action accusing Chesapeake Energy Corp. of mismanaging employees’ retirement plans by continuing to invest in Chesapeake after stock prices dipped, saying the investments were presumed to be prudent.

U.S. District Court Judge Vicki Miles-LaGrange granted Chesapeake’s motion to dismiss the suit filed by former Chesapeake employee Debra Boggs, on behalf of herself and other employees, ending allegations that the company’s stock-based retirement plan was poorly managed and in violation of the Employee Retirement Income Security...
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