Second Circuit – ERISA: Singh v. Deloitte LLP

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United States Court of Appeals for the Second Circuit

ERISA — Recordkeeping and fees — Conclusory allegations

Singh v. Deloitte LLP

23-1108

Judges Livingston, Nardini, and Robinson

Background: The participants in the defendant’s defined-contributoin,401(k)retirement plan commenced a putative class action against the plan’s fiduciaries alleging breach of fiduciary duty. They appealed from the dismissal of the action and the denial of their motion to file an amended complaint on futility grounds.

Ruling: The Second Circuit affirmed. The court held that the plaintiffs did not plausibly allege that the plan’s administrative and record-keeping fees were excessive or that the defendants breached their duty of prudence by not obtaining lower fees. The amended complaint failed to do more than make conclusory allegations that the plan’s record-keeping fees exceeded those of a select handful among many other plans on the market.

Mark K. Gyandoh, of Capozzi Adler, for the plaintiffs-appellants; Michael E. Kenneally, of Morgan, Lewis & Bockius, for the defendants-appellees.

Oral argument audio