2nd Circ. Nixes ERISA Action V. GMIMCo, State Street

Law360, New York (May 8, 2009, 12:00 AM EDT) -- A federal appeals court has affirmed a lower court's decision to dismiss consolidated class action cases against General Motors Investment Management Corp. and State Street Bank and Trust Co. alleging breach of fiduciary duty claims under the Employee Retirement Income Security Act.

The U.S. Court of Appeals for the Second Circuit on Wednesday agreed that the plaintiffs’ claims should be dismissed because they had failed to state a claim on which relief could be granted.

The appeals court, therefore, did not examine the question of whether...
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