In Re Syncor ERISA Litigation

Good Law

351 F. Supp. 2d 970·2004 WL 3092610·2004 U.S. Dist. LEXIS 23887

United States District Court, Central District of CaliforniaAugust 23, 2004CV 03-2446 LGB, CV 03-6503, CV 04-247California9,682 words

Opinion

Baird, J.

ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS’ MOTIONS TO DISMISS THE CONSOLIDATED CLASS ACTION COMPLAINT; DENYING DEFENDANT SYNCOR’S MOTION TO DISMISS OR STRIKE MONETARY RELIEF

I. INTRODUCTION

This is a class action brought on behalf of all persons who were participants in Syncor International Corporation’s (“Syn-cor’s”) ERISA plan. The class alleges that Defendants violated their duties to Plaintiffs by investing in Syncor stock while the company was engaged in an international bribery scheme. Currently before the Court are Defendants’ motions to dismiss the consolidated amended class action complaint (“complaint”) pursuant to Féderal Rules of Civil Procedure 12(b)(6), 8, and 9(b).

II. FACTUAL BACKGROUND AND PROCEDURAL HISTORY

The plaintiffs in this case were all persons employed at Syncor between July 26, 2000 and January 1, 2003 (the “class period”) and participated in Syncor’s “Employees’ Savings and Stock Ownership Plan” (the “Plan”). Consolidated Complaint (“CC”), ¶¶ 1, 12-19. The Plan is a 401(k) plan that permits participants to save for retirement and it is an ERISA plan. Id. ¶ 2, 39. It also contains a employee stock ownership plan (ESOP), which is designed…

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