ERISA Litigation Team Scores Victory for Nokia In California

Alston & Bird’s ERISA Litigation Group scored a victory this week for client Nokia in the Northern District of California. The district court held that plaintiff, a participant in the Nokia, Inc. 401k plan, failed to plausibly allege that Nokia stock was an “imprudent” investment for the plan during the period of January 2012 to the present. All claims against all of the defendants were dismissed, with prejudice, because plaintiff failed to allege facts demonstrating that the defendants breached any fiduciary duties under ERISA. This past summer, the ERISA Litigation team prevailed at the Second Circuit in a similar case for Nokia, involving a prior putative class period.