Sallie Mae Workers Allege Botched Review In ERISA Appeal

Law360, New York (April 19, 2012, 7:21 PM EDT) -- Sallie Mae Corp. employees on Wednesday asked the Second Circuit to overturn the dismissal of allegations the student lender torpedoed their retirement plan through imprudent investment, saying the New York federal court applied too stringent of a standard in tossing the class action.

In their opening brief before the appellate court, Sallie Mae staffers said the trial court gave too much weight to the "Moench presumption" review standard allowing deference to the decision-making of plan fiduciaries, arguing that this standard was prematurely applied when determining the...
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