United States Second Circuit

Affirmed the dismissal of an ERISA complaint for failure to state a claim where the plaintiffs had claimed that twelve banks and their affiliates breached their fiduciary duties under the Employee Retirement Income Security Act by conducting manipulative foreign currency exchange market transactions designed to generate fees. In affirming the dismissal, the appeals court found that the claim was not properly stated because the class action complaint failed to allege facts showing that the defendants exercised enough control over the employee benefit plans' assets to warrant their identification as ERISA functional fiduciaries here. The plaintiffs' party‐in‐interest claim likewise failed.

Appellate Information

• Published 2018/07/10

Judges

• Raggi

Court

• United States Second Circuit

Counsel