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CMLawLibraryBlog

The CM Law Library Blog seeks to inform the Cleveland-Marshall College of Law community about key legal education, research, practice, and law library news, with a particular focus on Cuyahoga County and Ohio as well as faculty research interests.

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National City Plagued by Shareholder and Employee Lawsuits

Sue Altmeyer, Electronic Services Librarian, sue.altmeyer@law.csuohio.edu | April 28, 2008 - 10:31

Despite a $7 billion capital infusion, National City's troubles are far from over. Since the first of the year, shareholders and employees have been filing lawsuits against the company in the Federal District Court, Northern District of Ohio. The lawsuits are of three different types: (1) A securities class action, alleging that the company issued false and misleading financial statements. (2) Shareholder derivative suits filed by representatives of the company on behalf of the shareholders, asserting that executives harmed the company. These suits are more about seeking corporate reforms than recovering money. (3) Suits by employees claiming that company executives violated their duties as pension plan fiduciaries by misleading employees as to the financial strength of the company.

The suits are consolidated under National City Corporation Securities, Derivative & ERISA Litigation, Case No. 1:2008cv07000, before Judge Patricia A. Gaughan. For a copy of the docket, current as of this morning, see natlcitydocket.pdf . More information on the case can be obtained via the court's ECF system, with a PACER account.

Source: Jay Miller, Lawsuits Still Nat City Thorn Crain's Cleveland Business, Apr. 28, 2008 (available from their site with password - password available at the reference desk. Will soon be available on LexisNexis).


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