2nd Circ. Upholds Citigroup, McGraw-Hill ERISA Wins

Law360, New York (October 19, 2011, 7:31 PM EDT) -- The Second Circuit on Wednesday shot down bids to revive putative class actions against Citigroup Inc. and The McGraw-Hill Cos. Inc., denying appeals from workers who said company stock was an imprudent investment option for their retirement plans.

The same three-judge Second Circuit panel issued opinions affirming the dismissals of both Employee Retirement Income Security Act cases, which were argued together and raised similar issues. One of the circuit judges dissented from the McGraw-Hill decision, and partially dissented and partially concurred with the majority in the...
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