United States Third Circuit

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Santomenno v. John Hancock Life Insurance Co. (U.S.A.), 11-2520

In a suit against an insurance company and its affiliates under ERISA and the Investment Company Act of 1940 (ICA) for allegedly charging the plaintiffs' retirement plans excessive fees on annuity insurance contracts offered to plan participants, the district court's judgment is: 1) affirmed with regard to its dismissal of the ICA claims, where a) the plaintiffs were not security holders entitled to bring a section 36(b) action on behalf of the investment company, since they did not have any interest in the funds when the operative complaint was filed, nor continuously; and b) section 47(b) did not support the excessive fees claim; and 2) vacated as to its dismissal of the ERISA claims, where neither pre-suit demand nor joinder of the plan trustees was a prerequisite to the claims.

Appellate Information

  • Decided 04/16/2012
  • Published 04/16/2012


  • Vanaskie


  • United States Third Circuit


  • For Appellant:
  • Arnold C. Lakind, James O. Fleckner

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