SAN FRANCISCO - In response to a motion by Symantec Corp. to quash a subpoena served on it related to a multidistrict class action against Target Corp., the putative lead plaintiffs on Nov. 17 filed an opposition, arguing that the information sought regarding Symantec's cybersecurity products that were supposed to prevent data breaches is relevant to their consumer protection and data breach claims against the retailer (In Re: Target Corporation Consumer Data Security Breach Litigation, No. 3:14-mc-80302, N.D. Calif.).
NEW YORK - Two feeder funds of Bernard L. Madoff Investment Securities LLC (BLMIS) will pay nearly $500 million to settle all claims associated with their role in Madoff's massive Ponzi scheme, according to court documents filed Nov. 17 in New York federal bankruptcy court (Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, No. 08-01789, [Irving H. Picard v. HSBC Bank PLC, et al., No. 09-1364] S.D. N.Y. Bkcy.).
GREENBELT, Md. - A federal magistrate judge in Maryland recommended Nov. 13 that no default judgment be awarded to a multiemployer health fund in its action seeking to recover overpayments under the Employee Retirement Income Security Act under the equitable theories of unjust enrichment and restitution (Food Employers Labor Relations Association and United Food & Commercial Workers Health and Welfare Fund v. David Dove, No. 8:14-cv-01273, D. Md.; 2014 U.S. Dist. LEXIS 159773).
WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 17 denied review of a Sixth Circuit U.S. Court of Appeals unpublished opinion ruling that participants in an employee stock ownership plan (ESOP) challenging the plan's fiduciaries' decision to continue investing in company stock failed to sufficiently plead causation under the Employee Retirement Income Security Act (Thomas J. Metyk, et al. v. KeyCorp, et al., No. 14-240, U.S. Sup.).
WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 17 let stand a divided Sixth Circuit U.S. Court of Appeals ruling that Employee Retirement Income Security Act Section 510 does not protect a one-time unsolicited complaint to an employer about alleged violations of ERISA (Brian Sexton v. Panel Processing, Inc., et al., No. 14-152, U.S. Sup.).
WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 10 declined review of an insider trading conviction, and Justice Antonin Scalia issued a three-page statement asking for a case to be brought to the Supreme Court that addresses the extent of the Securities and Exchange Commission's power to interpret criminal law (Douglas F. Whitman v. United States, No. 14-29, U.S. Sup.).
PHILADELPHIA - A federal district court erred in ruling that a securities lawsuit should not be remanded to state court because no federal question jurisdiction exists over the lawsuit, a Third Circuit U.S. Court of Appeals panel ruled Nov. 10 (Gregg Manning, et al. v. Merrill Lynch Pierce Fenner & Smith, et al., No. 13-3693, 3rd Cir.; 2014 U.S. App. LEXIS 21362).
NEW YORK - A federal judge in New York on Nov. 6 refused to reconsider his previous ruling in a shareholder derivative lawsuit dismissing the suit for failure to plead demand futility, ruling that no clear error in favor of reconsideration exists (Central Laborers' Pension Fund, et al. v. James Dimon, et al., No. 14-1041, S.D. N.Y.; 2014 U.S. Dist. LEXIS 157261).
TOLEDO, Ohio - An Ohio federal magistrate judge on Nov. 6 granted a plaintiff's motion to quash discovery of materials related to the planning and preparation of her ex-husband's will and estate in a dispute over life and disability insurance benefits under the Employee Retirement Income Security Act (ERISA), finding that they were subject to the attorney-client privilege (Anette Davis v. Mary Ann Drake, et al., No. 3:14-cv-00113, N.D. Ohio; 2014 U.S. Dist. LEXIS 157313).
SAN FRANCISCO - A health care provider has constitutional standing as an assignee of health plan beneficiaries to bring claims for payment of benefits against the plan administrator under the Employee Retirement Income Security Act, the Ninth Circuit U.S. Court of Appeals held Nov. 5 (Spinedex Physical Therapy USA Incorporated, et al. v. United HealthCare of Arizona, Inc., et al., No. 12-17604, 9th Cir.; 2014 U.S. App. LEXIS 21132).
WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 10 denied review of an Eighth Circuit U.S. Court of Appeals ruling that a deferential standard of review applies in cases in which retirement plan participants' claim that the plan's fiduciaries breached their statutory duties of loyalty and prudence under Employee Retirement Income Security Act Section 404 (Ronald Tussey, et al. v. ABB, Inc., et al., No. 14-130, U.S. Sup.).
PITTSBURGH - A Pennsylvania federal judge on Nov. 6 dismissed three state law claims against a disability insurer after determining that the claims are clearly preempted by the Employee Retirement Income Security Act (James Breland v. Liberty Life Assurance Company of Boston, No. 14-352, W.D. Pa.; 2014 U.S. Dist. LEXIS 156920).
LOS ANGELES - A federal judge in California on Nov. 3 certified a class of investors in a securities class action lawsuit against a clothing company and others over a merger deal, ruling that the lead plaintiff in the action has met all statutory guidelines for class certification (In re Hot Topic Inc. Securities Litigation, No. 13-2939, C.D. Calif.; 2014 U.S. Dist. LEXIS 155544).
NEW ORLEANS - A federal judge properly dismissed a health plan participant's putative class action claim that the plan's claim administrator violated the Employee Retirement Income Security Act by denying claims until it is provided evidence regarding whether there is a collateral source for coverage, the Fifth Circuit U.S. Court of Appeals affirmed Nov. 4 in an unpublished opinion (Joe Hollingshead v. Aetna Health Inc., No. 14-20158, 5th Cir.).