––––––––––––––––––––
Subscribe to the Legal News!
http://legalnews.com/Home/Subscription
Full access to public notices, articles, columns, archives, statistics, calendar and more
Day Pass Only $4.95!
One-County $80/year
Three-County & Full Pass also available
- Posted July 25, 2012
- Tweet This | Share on Facebook
Federal court reinstates lawsuit over Flagstar stock
TROY (AP) -- Some current and former employees will get another chance to pursue a lawsuit against Flagstar Bank over company stock in their retirement accounts.
A federal appeals court has reinstated the case in Detroit federal court. The Troy-based bank is blamed for offering Flagstar stock to employees at a time when the bank was in perilous shape.
Flagstar's stock price lately has been under a dollar, compared with nearly $15 in 2007. The court says the lawsuit raises a "plausible claim" that Flagstar breached its fiduciary duty to employees during that time.
The bank has said workers made their own investment decisions.
Flagstar recently announced its first profitable quarter since 2008. It has 111 branches in Michigan.
Published: Wed, Jul 25, 2012
headlines Oakland County
- Annual Meeting
- Oakland County clerk/register brings services to Highland Township and surrounding areas with June 4 local office visit
- Whitmer announces Wayne, Oakland, Macomb commit to expand Project DIAMOnD, calls for statewide expansion of “infrastructure for innovation”
- Oakland County completes work for first RainSmart resident
- SUPREME COURT NOTEBOOK
headlines National
- This Los Angeles lawyer found her calling as a death doula
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Artificial intelligence tools for brief writing and analysis are a small firm litigator’s new best friend
- Baker McKenzie partner drops suit seeking IRS documents on partnership scrutiny
- Family members sue networks after learning of loved ones’ deaths by seeing bodies on TV
- Ex-BigLaw attorney once ‘consumed with remorse’ over $10M client theft sentenced in new scheme