Morgan Stanley Defeats 'Opportunistic' $150M ERISA Suit

Law360 (October 8, 2019, 7:35 PM EDT) -- A federal judge in New York has spiked a $150 million proposed Employee Retirement Income Security Act class action against Morgan Stanley, calling the challenge to the company retirement plan’s fees and investments “opportunistic Monday-morning quarterbacking on the part of lawyers.”

U.S. Circuit Judge Richard J. Sullivan, sitting by designation, granted Morgan Stanley’s motion to dismiss Monday, writing that a proposed class of retirement plan participants lacked standing to support some of their ERISA claims and lacked facts to support others.

The plan participants didn’t show how Morgan Stanley’s process for running its retirement plan was imprudent, Judge Sullivan said, adding that...

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