––––––––––––––––––––
Subscribe to the Legal News!
https://www.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
- Youth Law Conference
- Marijuana wholesale tax cleared for implementation by Court of Claims
- Scam alerts focus of Holiday Consumer Protection Campaign
- Nessel secures court victory for wind energy permitting
- Whitmer signs bipartisan bills to lower costs for Michigan National Guard members and their families
headlines National
- The business of successfully running an in-house department
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Gorsuch writes children’s book about ‘Heroes of 1776’
- Companies use ‘deceitful tactics’ to market harmful ultra-processed products with ‘addictive nature,’ city’s suit alleges
- Lawyer accused of trying to poison her husband
- ‘Lawyers Gone Wild’? Filmmaker criticizes bar as he seeks ethics probe of serial killer’s daughter for alleged lie
