Securities Fraud Lawsuit Against Best Buy Dismissed

Best Buy said that the U.S. District Court has dismissed putative securities fraud class actions against the retailer and three of its officers. With regard to the class-action lawsuit filed last year, the court dismissed all counts for lack of substantiation. "We have maintained since the beginning of this case that the allegations are wholly without merit," said Keith Nelsen, executive vice president and general counsel for Best Buy. "We are pleased that the court’s decision has vindicated Best Buy and its officers of the unfounded accusations in the plaintiffs' complaint."