United States Second Circuit

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Taveras v. UBS AG, 12-1662

Judgment dismissing plaintiffs' class action for breach of fiduciary duties imposed on defendant-fiduciaries by the Employee Retirement Income Security Act (ERISA) regarding two investment plans in which plaintiffs invested for retirement, is: 1) vacated and remanded in part, where the district court erred in applying the presumption of prudence as to one of the two plans, the Savings and Investment Plan, as that plan did not require or strongly encourage investment in UBS stock or the UBS Stock Fund; but 2) affirmed in part where the district court did not err in applying the presumption of prudence as to the other plan at issue, the Plus Plan, which required the plan's fiduciaries to offer the UBS Stock Fund.

Appellate Information

  • Decided 02/27/2013
  • Published 02/27/2013




  • United States Second Circuit