NEW YORK - The Second Circuit U.S. Court of Appeals affirmed 2-1 on April 2 that a pension plan failed to demonstrate that the plan administrator breached its fiduciary duties under the Employee Retirement Income Security Act by purchasing and continuing to hold mortgage-backed securities as plan assets, concluding that a decline in the market price of mortgage-backed securities generally does not give rise to a reasonable inference that it was imprudent to purchase or hold them (Pension Benefit Guaranty Corporation, et al. v. Morgan Stanley Investment Management Inc., No. 10-4497, 2nd Cir.; 2012 U.S. App. LEXIS 6710).