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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!