2nd Circ. Affirms UTC Win In $230M ERISA Action

Law360, New York (December 2, 2009, 6:55 PM EST) -- A federal appeals court has affirmed a summary judgment victory for United Technologies Corp. in an Employee Retirement Income Security Act class action brought by retirement plan participants claiming the conglomerate mismanaged mutual funds in 401(k) plans.

In a summary order issued Tuesday, the U.S. Court of Appeals for Second Circuit ruled that the lower court was correct to conclude that there was no evidence on which the plaintiffs could obtain a judgment in their favor.

The plan participants had sought more than $230 million, according...
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