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District Court Partially Dismisses ERISA 401(k) Fee and Performance Claims for Lack of Standing
ProskauerLink to more items from this source
Aug. 11, 2021

"[T]he court rejected the notion that plaintiffs suing derivatively on behalf of a plan under ERISA Section 502(a)(2) automatically have standing. The court explained that a plaintiff must assert both a cause of action under ERISA and a constitutionally cognizable injury-in-fact. Since plaintiffs could not have suffered an injury from the alleged mismanagement of funds in which they did not invest, the court concluded that plaintiffs could not demonstrate the requisite injury." [In re Omnicom ERISA Litigation, No. 20-4141 (S.D.N.Y. Aug. 2, 2021)]

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