Blockbuster, Viacom Hit With Another Class Action

Law360, New York (September 11, 2006, 12:00 AM EDT) -- Blockbuster Inc. and Viacom Inc. may face yet another class action lawsuit relating to the sharp losses at the movie rental company after its spin-off from Viacom, but this time the lawsuit charges that the companies violated ERISA laws.

The plaintiffs have alleged that the companies and their executives failed to provide the participants in the Blockbuster Investment Plan with accurate information regarding the company and the spin-off, therefore breaching their fiduciary duties in violation of ERISA.

The 60-page complaint alleges that the defendants failed to...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.