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United States Second Circuit

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Trustees of the Upstate New York Engineers Pension Fund v. Ivy Asset, 15-3124

In a suit brought by a board of trustees of a pension fund against the fund's manager, alleging breach of fiduciary duty in failing to advise the fund in 1998 that it had become imprudent to continue as a customer of Bernard L. Madoff Investment Securities LLC, and against a bank, alleging that it knowingly participated in the fiduciary breach, the district court's dismissal of the complaint is affirmed where plaintiffs failed to allege an actual injury sufficient to establish Article III standing.

Appellate Information

  • Decided
  • Published 2016/12/08




  • United States Second Circuit


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