Divided 2nd Circuit Panel Vacates, Remands Part Of ERISA Prudence Case

Mealey's (August 17, 2021, 1:46 PM EDT) -- NEW YORK — A federal judge in New York erred in granting dismissal of a claim by retirement plan participants that New York University (NYU) breached its duty of prudence by offering particular share classes of mutual funds and in denying their motion to add additional defendants, a divided Second Circuit U.S. Court of Appeals panel ruled Aug. 16, partly vacating and remanding the lower court’s judgements in regard to those issues in the class action dispute but otherwise affirming its rulings in favor of NYU....