The U.S. Supreme Court’s 2014 ruling in Fifth Third v. Dudenhoeffer may have eased pleading requirements for some Employee Retirement Income Security Act plaintiffs, but it couldn’t salvage claims against the administrators for Lehman Brothers Holding Inc.’s employee stock ownership plan.
On Friday, for the third time in the past five years, U.S. District Judge Lewis Kaplan in Manhattan threw out ERISA claims against Lehman’s employee benefits committee and the defunct investment bank’s former chief executive, Richard Fuld. The decision—which followed a remand from the Supreme Court in light of Dudenhoeffer—marks a victory for teams at Simpson Thacher & Bartlett, which represents seven former executives who sat on Lehman’s benefits committee, and Allen & Overy, which represents ex-CEO Fuld.
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