Morgan Stanley Dodges Suit Over Retirement Plan Losses
Law360, New York (March 28, 2013, 7:26 PM EDT) -- A New York federal judge on Thursday dismissed a consolidated class action that accused Morgan Stanley of violating its fiduciary duty to employees by investing retirement funds in company stock that plummeted during the financial crisis.
U.S. District Judge Deborah A. Batts ruled that Morgan Stanley executives were entitled to a presumption that investments of the retirement plans' assets in company stock is prudent. The decision draws upon the Second Circuit's 2011 decision that under the Employee Retirement Income Security Act, plan administrators weren't required to warn plan participants or divest from company stocks in the months leading up to the...
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