Sixth Circuit Rejects Alternative-Investment Theory for Measuring Damages in Stock-Drop Case, Holds Plaintiff Benefitting from Alleged Fiduciary Breach Cannot Proceed

On Friday, in Taylor v. KeyCorp, Nos. 10-4163, -4198, -4199, (6th Cir. May 25, 2012), the Sixth Circuit affirmed a district court’s dismissal in an ERISA stock-drop case, holding the remaining proposed named class plaintiff lacked standing because she could not establish an “injury in fact” when she sold the majority of her holdings in the company stock for a profit at a time she claims the stock was artificially inflated. 

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