Wilmington Trust NA lost its bid to force litigation over a $50 million employee stock plan transaction into arbitration, when the Third Circuit ruled Friday that an arbitration provision added to the plan didn’t preclude the case from moving forward in court.
The BSC Ventures Holdings Inc. stock plan’s arbitration provision is unenforceable because it includes a waiver of the right to bring a class action, the US Court of Appeals for the Third Circuit said. The Employee Retirement Income Security Act expressly authorizes lawsuits seeking plan-wide relief, making this class action waiver irreconcilable with the statute, the court ...
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