Breach of Fiduciary Duty Claim Against Asset Manager For 2008 Losses Survives Motion to Dismiss Despite Later Substantial Returns

A district judge of the Eastern District of New York held in Trustees of the Local 138 Pension Trust Fund v. Logan Circle Partners, L.P. et al., No. 10 Civ. 5758 (E.D.N.Y. May 25, 2012), that a multiemployer pension plan’s amended complaint against an asset manager alleging a claim for breach of fiduciary duty survived a Rule 12(b)(6) motion to dismiss because it adequately pled a causal connection between alleged violations of the plan’s investment guidelines and an estimated $2.7-4.8 million in losses incurred by the plan in 2008. 

To read this blog post click here...