United States Ninth Circuit

In an ERISA action by members of the National Education Association (NEA) claiming that the NEA knowingly duped them into purchasing unattractive annuities by creating an atmosphere of trust and confidence that was exploited by defendants for their financial gain, the dismissal of the complaint is affirmed where: 1) a marketing plan designed to build brand loyalty is not, under any reasonable definition of the term, a retirement plan; 2) the lack of governmental funding, when considered in light of the necessary governmental involvement in establishing and maintaining section 403(b) plans, did not prevent these plans from falling within the "governmental plan" exemption; and 3) insofar as the "plan" in the complaint referred to the school districts' section 403(b) annuity plans, plaintiffs failed to state a claim upon which relief can be granted.

Appellate Information

• Decided 12/20/2010
• Published 12/20/2010

Judges

• Diarmuid F. O'Scannlain

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Derek W. Loeser, Julia Penny Clark