In re Cardinal Health Inc., ERISA Litigation

Court Opinion and Order re: Defendants' Motion to Dismiss

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This case covers all participants in the Cardinal Health 401(k) Savings Plan (the "Plan") for whose individual accounts the Plan held an interest in the Cardinal Health Employer Common Stock Fund between October 24, 2000, and July 2, 2004. The case alleges that Defendants breached their fiduciary duties by continuing to invest assets of the Plan in the Fund when Cardinal Health stock had become artificially inflated as a result of materially false or misleading statements about revenue and earnings by senior management.

Schatz Nobel Izard P.C. was appointed Co-Lead Counsel by the United States District Court for the Southern District of Ohio on January 14, 2005.

This document is the Court's decision denying the Defendants’ Motion to Dismiss.

Thereafer, Plaintiffs conducted substantial discovery, and the Parties reached agreement to settle the case for $40 million. The Court gave preliminary approval to the proposed settlement and scheduled a hearing to consider final approval.

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Published In: Labor & Employment Updates

Reference Info:Decision | Federal, 6th Circuit, Ohio | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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