ERISA Prudence Claims Related To Madoff Scheme Continue; Other Claims Dismissed

ERISA Prudence Claims Related To Madoff Scheme Continue; Other Claims Dismissed

NEW YORK - Pension funds sufficiently alleged that a hedge fund and its managers breached their fiduciary duties of prudence under the Employee Retirement Income Security Act by investing pension plan assets in funds that suffered major losses as a result of the Ponzi scheme perpetuated by Bernard L. Madoff, a federal judge in New York ruled Jan. 7 (In re Meridian Funds Group Securities and Employee Retirement Income Security Act $(ERISA$) Litigation, No. 09-md-02082, S.D. N.Y.; 2013 U.S. Dist. LEXIS 2806).

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