Defense attorneys are hailing recent court victories in ERISA "stock-drop" lawsuits, brought for employees who lost money in retirement plans due to their companies' declining stock price. In the first case to go to trial, a federal judge ruled that US Airways had no duty to change stock holdings of employees who had several investment choices. "There is a trend toward limiting the liability of outside trustees," said Edwin Mills, who recently negotiated a $100 million proposed settlement with Time Warner.
August 09, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Defense attorneys are hailing a series of recent court victories in lawsuits filed on behalf of employees who lost money in their 401(k) and other retirement plans because of the declining price of their employer’s stock.
The so-called “stock-drop” suits, which were filed under the Employee Retirement Income Security Act of 1974, or ERISA, were brought alongside hundreds of shareholder class actions following the demise of Enron Corp.
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