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3rd Circuit Court Rules Employees May Sue under ERISA When Company's Stock Crashes
New Jersey Law Journal via Law.comLink to more items from this source
Aug. 30, 2005
Excerpt: A federal appeals court has ruled that participants can sue when their company's alleged fiduciary violations harm only those who chose the stock option. The Aug. 19 ruling by the 3rd U.S. Circuit Court of Appeals opens the door for a potential class of 11,000 current and former Schering-Plough workers to sue the Kenilworth drug maker, former CEO Robert Kogan, other fiduciaries and the Vanguard Group, the 401(k) plan's trustee, over losses estimated at $138 million.

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