United States Second Circuit

In a case case concerning a securities class action settlement agreement alleging violations of federal securities laws, the district court's denial of the Plan's motion to direct is vacated where: 1) appellants have standing to appeal the district court's denial of the Motion to Direct, thus their appeal as to the denial of their Motion to Intervene is moot; and 2) because the Employee Retirement Income Security Act of 1974 (ERISA) imposes important statutory limits on an employer's control over the management and policies of an employer‐sponsored benefit plan, those plans do not fall within the ordinary meaning of the term 'affiliate.'

Appellate Information

• Published 2016/09/20

Judges

• POOLER

Court

• United States Second Circuit

Counsel