New York Federal Judge: Record-Keeper Services Didn’t Give Rise To Fiduciary Duty

Mealey's (March 9, 2017, 11:47 AM EST) -- NEW YORK — A New York federal judge on March 7 granted a motion to dismiss an Employee Retirement Income Security Act lawsuit alleging that a record-keeper breached its fiduciary duty by preventing ERISA plans from getting a more competitive rate for record-keeping services, finding that the record-keeper was not a fiduciary of the plans (Elaine Malone, et al. v. Teachers Insurance and Annuity Association of America, No. 15-cv-08038, S.D. N.Y., 2017 U.S. Dist. LEXIS 32308)....