FORD v. BIERWIRTH

Nos. CV 81-3408, CV 81-3530.

636 F.Supp. 540 (1986)

Ford B. FORD, Under Secretary of the United States Department of Labor, Plaintiff, v. John C. BIERWIRTH, Robert G. Freese and Carl A. Paladino, Defendants. Joseph W. Ullman, Lillian E. Bladissard, Rita W. Hafner, Anthony Pancella, Jr., Kathleen T. Chew and Benjamin L. Crews, Intervenors. Robert J. LAWRENCE, Plaintiff, v. GRUMMAN CORPORATION PENSION PLAN, et al., Defendants.

United States District Court, E.D. New York.

January 17, 1986.


Attorney(s) appearing for the Case

Jane Kheel, Thomas L. Holzman, U.S. Dept. of Labor, Office of the Solicitor, Plan Benefits Sec. Div., Washington, D.C., for plaintiff Ford.

Cahill Gordon & Reindel, New York City, for defendants Bierwirth, Freese and Paladino; Raymond L. Falls, Jr., David R. Hyde, P. Kevin Castel, Stanley K. Shapiro, of counsel.

Rains & Pogrebin, P.C., Mineola, N.Y., for intervenors.

Reuss, Ruchala & Handler, Hempstead, N.Y., for plaintiff Lawrence.


Memorandum of Decision and Order

MISHLER, District Judge.

The Second Circuit Court of Appeals, in remanding the case to determine what the Grumman Corporation Pension Plan ("Plan") would have earned had the monies that were used to purchase the Grumman stock been invested with other plan assets, held:

In view of the intent expressed by Congress in providing for the recovery of "losses," ... we hold that the measure of loss applicable under...

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