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The U.S. Court of Appeals for the Third Circuit has upheld a district court decision granting class certification to a group of retirement plan participants who alleged breach of fiduciary responsibility in their suit against plan administrators.
The fiduciaries of the retirement plan had argued for partial dismissal of the participants' claims, stating that they "lacked constitutional standing to pursue claims relating to funds in which they did not personally invest." Universal Health Services Inc., Universal Inc. and the UHS Retirement Plans Investment Committee, the named defendants in the suit, argued that since the named plaintiffs in this appeal did not invest in 30 of the funds available, they lacked standing to sue as typical members of the class.
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Zack Needles
Zack Needles is Global Managing Editor, Regional Brands at ALM. He is also the Managing Editor of The Legal Intelligencer, Pennsylvania Law Weekly, Delaware Business Court Insider and Delaware Law Weekly. Contact him at 215-557-2373 or [email protected]. On Twitter: @ZackNeedlesTLI.
