Diebold Loses Bid To Toss ERISA Class Action

Law360, New York (May 30, 2008, 12:00 AM EDT) -- Automatic teller manufacturer Diebold Inc. has lost a battle to throw out a consolidated class action accusing the company and top executives of issuing misleading statements and mismanaging its employees' retirement benefits.

In a ruling issued Wednesday Judge Peter Economus, of the U.S. District Court for the Northern District of Ohio, said the plaintiffs, workers of the Ohio-based company, had put forth a case of fiduciary duty breaches sufficient to survive dismissal.

The complaint alleges that Diebold and the individual defendants artificially inflated the company's stock...
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