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Cashed-Out Participant Gets Go-Ahead in Company Stock Drop Case
planadviser Link to more items from this source
Sept. 28, 2008
Excerpt: A federal judge in Massachusetts cleared the way for a participant invested in a company stock fund to pursue a fiduciary breach suit. The judge gave the OK, despite the fact that the plaintiff had cashed out of the fund more than two years before the employer disclosed its stock option backdating practices. U.S. District Judge Nancy Gertner of the U.S. District Court for the District of Massachusetts ruled that Soufiane Bendaoud had legal standing to sue over the Analog Devices Inc. (ADI) company stock fund under the Employee Retirement Income Security Act (ERISA).

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