In re JPMorgan Chase & Co. Erisa Litig.

In re JPMorgan Chase & Co. Erisa Litig.

Opinion

MEMORANDUM DECISION AND ORDER

GEORGE B. DANIELS, United States District Judge:

This consolidated class action is brought by participants in and beneficiaries of the JPMorgan Chase 401(k) Savings Plan (the "Plan") against JPMorgan Chase Bank, N.A. ("JPMC Bank"), JPMorgan Chase & Co. ("JPMorgan"), the Employee Plan Investment Committee ("EPIC"), several members of the EPIC, Bernadette Barnosky née Ulissi, the Plan's Administrator and an EPIC member, Douglas Braunstein, JPMorgan's CFO, and members of the Compensation & Management Development Committee (collectively, the "Defendants").

Plaintiffs allege Defendants violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 ("ERISA") from between December 20, 2011, and July 12, 2012 (the "Class Period"). In particular, Plaintiffs allege that Defendants (1) breached their fiduciary duties  [*3] of loyalty and prudence in managing and administering the Plan (Count I); (2) failed to adequately monitor other fiduciaries and provide them with accurate information (Count II); (3) breached their duty to avoid conflicts of interests (Count III); and (4) are liable as co-fiduciaries (Count IV).

Defendants filed a Motion to Dismiss the Third Amended Class Action Complaint for failure to state a claim pursuant to Fed. R. Civ. P. 12(b)(6). Docket No. 37. Defendants' motion to dismiss is GRANTED.

Background

This consolidated class action was commenced with the filing of a complaint by Plaintiff Gregory Scrydoff on behalf of himself and all others similarly situated. 12 Civ. 04027. Plaintiff Matt L. Ward subsequently filed an additional complaint. 12 Civ. 07091. By order of this Court, these actions were consolidated pursuant to Fed. R. Civ. P. 42(a) under Docket Number 12 Civ. 04027. ECF No. 18. Zamansky & Associates LLC was appointed interim lead counsel on behalf of the putative class. Id. Plaintiffs filed their First Amended Complaint on December 5, 2012, a Second Amended Complaint on February 14, 2013, and the operative Complaint on April 30, 2013. ECF Nos. 23, 27, 31.

I.  [*4] FACTUAL ALLEGATIONS¹

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