TRENTON, NJ – A federal judge has dismissed a proposed class action lawsuit accusing Novo Nordisk Inc. and its fiduciary boards of mismanaging a $1.2 billion employee retirement plan, marking a legal victory for the pharmaceutical giant in a closely watched ERISA case.

In an opinion issued Monday, U.S. District Judge Zahid N. Quraishi granted a motion to dismiss filed by Novo Nordisk, its Board of Directors, and the company’s Retirement Committee, finding that plaintiffs failed to sufficiently allege that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA).

The suit, filed in September by five named plaintiffs including John Fumich and Laura Mischley, claimed that Novo Nordisk failed to properly scrutinize investment options and inflat

See Full Page