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SAUMER v. CLIFFS NATURAL RESOURCES INC.

No. 16-3449.

853 F.3d 855 (2017)

Paul SAUMER; Walter A. Skalsky, individually and on behalf of all others similarly situated, Plaintiffs-Appellants, v. CLIFFS NATURAL RESOURCES INC., et al., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: April 7, 2017.

Attorney(s) appearing for the Case

ON BRIEF: Edward W. Ciolko , Mark K. Gyandoh , Julie Siebert-Johnson , KESSLER TOPAZ MELTZER & CHECK, LLP, Radnor, Pennsylvania, for Appellants. John M. Newman , Geoffrey J. Ritts , Adrienne Ferraro Mueller , Emmett E. Robinson , JONES DAY, Cleveland, Ohio, for Appellees.

Before: MERRITT, COOK, and McKEAGUE, Circuit Judges.

OPINION

The Employee Retirement Income Security Act ("ERISA") regulates employer-administered retirement plans. To safeguard employees' retirement assets, ERISA requires plan fiduciaries to, among other things, manage plan assets prudently and diversify investments "so as to minimize the risk of large losses." 29 U...

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