United States Third Circuit

The district court erred in ruling that former employees, who were participants in a defined contribution plan, may not prosecute a derivative action on behalf of an employees' savings plan to recover losses sustained by the savings plan because of alleged breaches of fiduciary duty.

Appellate Information

• Argued 06/07/2005
• Decided 08/19/2005
• Published 08/19/2005

Judges

• Before AMBRO, STAPLETON, and ALARCÓN, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Richard S. Schiffrin, Joseph H. Meltzer, Schiffrin & Barroway LLP, Radnor, PA, Joseph DePalma, Lite DePalma Greenberg & Rivas, LLC, Newark, NJ, Peter H. LeVan, Jr. (Argued), Hangley, Aronchick, Segal & Pudlin, Philadelphia, PA, for Appellants., Howard M. Radzely, Timothy D. Hauser, Elizabeth Hopkins, Theresa S. Gee, (Argued), United States Department of Labor, Plan Benefits Security Division, Washington, D.C., for Amicus Curiae U.S. Department of Labor., Mary Ellen Signorille, Melvin Radowitz, Washington, D.C., for Amicus Curiae AARP., Kent A. Mason, Jason K. Bortz, Davis & Harman, LLP, Washington, D.C., Robert G. Chambers, Jack W. Campbell IV, Helms, Mulliss & Wicker, Charlotte, N.C., for Amicus Curiae American Benefits Council.


• For Appellees:
  
• Douglas S. Eakeley, Gavin J. Rooney, Lowenstein Sandler, PC, Roseland, N.J. EthanM. Posner, (Argued), Peter J. Nickles, Amy N. Moore, Caroline M. Brown, Frederick G. Sandstrom, Covington & Burling, Washington, D.C., Jonathan A. Wasserman, Schering-Plough Corporation, Kenilworth, N.J., for Appellees.