By Keith Goldberg

Law360, New York (February 06, 2012, 7:31 PM ET) -- The Second Circuit on Monday decertified a class of employee pension plan trustees alleging Nationwide Financial Services Inc. improperly bargained for revenue-sharing payments from mutual funds, ruling the class's disgorgement claims were precluded by the U.S. Supreme Court's decision in Wal-Mart Stores Inc. v. Dukes.

U.S. District Judge Stefan Underhill properly certified the class with regards to its requests for declaratory and injunctive relief against Nationwide under Federal Rule of Civil Procedure 23(b)(2), the a three-judge panel said.

However, in vacating class certification, the panel said...