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Shareholder Suit in State Court Not Completely Preempted by ERISA
The Sixth Circuit declined to remove a state court action to federal court, ruling that the Employee Retirement Income Security Act (ERISA) did not completely preempt the shareholders' state law claims that corporate mismanagement allegedly led to a dilution of stock value affecting their employee stock ownership plan (ESOP). Husvar v. Rapoport, No. 01-4254 (July 23).
Shareholders and former employees filed suit in state court alleging a breach of fiduciary duty on the part of corporate directors. The defendants sought to remove the suit to federal court, arguing that because the retirement plan in question was ERISA-qualified, the action was preempted by federal law. The district court found in favor of the defendants and removed the suit.
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