State Street Says 6th Circ.'s GM Ruling Undermines ERISA

Law360, New York (March 8, 2012, 4:42 PM EST) -- State Street Bank & Trust Co. on Wednesday asked the Sixth Circuit to review its decision reviving a putative class action accusing the bank of mismanaging General Motors Co. employees' retirement plan, saying the ruling ran against pension oversight law.

The pension fund manager solicited the appeals court for an en banc rehearing of last month's decision reversing a lower court's dismissal of the securities lawsuit, arguing that allowing the ruling to stand would fly in the face of the safe harbor provisions of the Employee...
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