2nd Circuit Affirms Dismissal Of 5 Defendants From ERISA Class Action

Mealey's (July 12, 2018, 10:01 AM EDT) -- NEW YORK — The Second Circuit U.S. Court of Appeals on July 10 affirmed a district court’s dismissal of claims against five defendants named in a class action complaint against 12 banks and their affiliates under the Employee Retirement Income Security Act, agreeing with the district court’s conclusion that the plaintiffs failed to adequately plead that the defendants were ERISA fiduciaries or “parties in interest” (Doris Sue Allen, et al. v. Credit Suisse Securities [USA] LLC, et al., Nos. 16-3327, 16-3571, 2nd Cir., 2018 U.S. App. LEXIS 18756)....