SOURCE: Stull, Stull & Brody

August 17, 2010 17:30 ET

KeyCorp ERISA 401(k) Class Action Update Announced by Stull, Stull & Brody

NEW YORK, NY--(Marketwire - August 17, 2010) -  Attorney Advertising. Stull, Stull & Brody announced today that on August 12, 2010, the United States District Court for the Northern District of Ohio, Eastern Division, granted KeyCorp's (NYSE: KEY) motion to dismiss the ERISA class action complaint which was filed on behalf of certain participants who held KeyCorp common stock in their accounts in the KeyCorp 401(k) Savings Plan (the "Plan"), a 401(k) defined contribution retirement plan. 

The ERISA class action, Taylor v. KeyCorp, et al., No. 1:08-cv-01927, was brought on behalf of participants in the Plan whose Plan accounts held KeyCorp common stock at any time from December 31, 2006 to the present. The case alleged that KeyCorp and other fiduciaries of the Plan breached their fiduciary duties by offering KeyCorp stock as an investment option under the Plan when KeyCorp stock was not a prudent investment for retirement savings accounts. In dismissing the case, the Court ruled that neither of the plaintiffs who brought the suit had suffered injury from their holding of KeyCorp stock in their Plan accounts and, therefore, the plaintiffs lacked standing to sue.

If you are or were a participant in the KeyCorp 401(k) Savings Plan and held KeyCorp stock in your Plan account at any time from December 31, 2006 to the present, and would like more information about the lawsuit or about the consequences of the lawsuit's dismissal, you may contact Plaintiffs' counsel, Stull, Stull Brody. There is no cost or obligation. 

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Contact Information

    Stull, Stull & Brody
    Edwin J. Mills, Esq. or Michael J. Klein, Esq.
    Tel: 1-800-337-4983
    Fax: 1-212-490-2022
    6 East 45th Street
    New York, NY 10017