ERISA Helps Smith Barney Partly Escape Duty Claim

Law360, New York (April 9, 2010, 2:41 PM EDT) -- A federal judge has trimmed a former retirement plan administrator's suit accusing Morgan Stanley Smith Barney LLC of unlawfully transferring plan assets, partially dismissing a state-level breach of fiduciary duty claim as preempted by the Employee Retirement Income Security Act.

District Judge William H. Yohn of the U.S. District Court for the Eastern District of Pennsylvania on Wednesday tossed part of a claim from plaintiff Gabriel F. Nagy, former administrator of the Compass Capital Partners Ltd. Defined Benefit Retirement Plan, accusing Smith Barney of breaching a...
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