D.C. Judge Dismisses Putative ERISA Class Action Against Fiduciary
Mealey's (February 18, 2016, 1:30 PM EST) -- WASHINGTON, D.C. — Allegations that the fiduciary of an employee stock ownership plan breached its duty by failing to prevent participants from purchasing or holding “doomed” stock were rejected by a District of Columbia federal judge Feb. 17 pursuant to Federal Rule of Civil Procedure 12(b)(6) (Donna Marie Coburn v. Evercore Trust Company N.A., No. 15-49, D. D.C.; 2016 U.S. Dist. LEXIS 18712).
(Decision available. Document #54-160309-031Z.)
According to U.S. Judge Reggie Walton of the District of Columbia, the complaint filed by Donna Marie Coburn fails...