In the wake of the Supreme Court's decision in Fifth Third Bancorp v. Dudenhoeffer, the suit against Lehman Brothers by retirement plan participants, In re Lehman ERISA Litigation, 2nd U.S. Circuit Court of Appeals, No. 11-4232, is being sent back to the judge for another look.

New York's 2nd U.S. Circuit Court of Appeals said that U.S. District Judge Lewis Kaplan will have to take another look at the case in the wake of Fifth Third. Kaplan had dismissed the original lawsuit, filed in October of 2008, in which plaintiffs said that members of the employee benefit plans committee and the directors of Lehman Brothers, who appointed the committee members, breached their fiduciary duties under ERISA by leaving the plan invested in Lehman stock even as it tanked, rendering participants' plan assets virtually worthless.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.