GMIMCo, State Street Aim To Toss ERISA Suit

Law360, New York (August 16, 2007, 12:00 AM EDT) -- General Motors Investment Management Co. and State Street Bank & Trust Co. have asked a district court judge to chuck a class action by employees who claim the companies broke their fiduciary duty by making undiversified investments on their pension plans.

GMIMCo and State Street on Wednesday countered that the plaintiffs’ allegations are time-barred by a three-year statute of limitations, and that they have failed to prove the alleged breach of duty. The two filed memorandums in the U.S. District Court of Manhattan supporting their motion...
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