IN RE UNISYS SAVINGS PLAN LITIGATION

Nos. 98-1007, 98-1037.

173 F.3d 145 (1999)

In re: UNISYS SAVINGS PLAN LITIGATION John P. Meinhardt, on behalf of himself and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-03067). Bernard McDevitt, on behalf of himself and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-03126). Parker C. Kean, on behalf of himself and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-03164). Michael Heck; Joseph McCarthy; Angelo Depietro, on behalf of themselves and all others similarly situated v. Unisys Corporation; The Administrative Committee of the Unisys Savings Plan; The Investment Committee of the Unisys Savings Plan; Jack A. Blaine; John J. Loughlin; Kenneth Miller; David A. White; Stefan Riesenfeld (E.D.PA. Civil No. 91-cv-03276). Gary Vala, individually and on behalf of all others similarly situated v. Jack A. Blaine; Michael R. Losey; John J. Loughlin; Kenneth L. Miller; Stefan C. Riesenfeld; Curtis A. Hessler; David A. White; Unisys Corporation; The Northern Trust Company (E.D. PA. Civil No. 91-cv-03278). Carolyn A. Gohlike, on behalf of herself and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-03321). Nadia F. Sos; Farouk M. Sos, individually and on behalf of all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-03582). Kenneth Goers; John J. Cieslicki, on behalf of themselves and all others similarly situated v. Unisys Corporation; The Northern Trust Company (E.D. PA. Civil No. 91-cv-04678). Dennis C. Stanga; James M. Collins, on behalf of themselves and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-04689). John H. Burgess, Jr., on behalf of himself and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-04696). William Torkildson v. Unisys Corporation (E.D. PA. Civil No. 91-cv-04754), John M. Meinhardt, Michael Heck, Joseph McCarthy, Angelo DiPietro, Gary Vala, Carolyn Gohlike, Dennis C. Stanga, James M. Collins, John H. Burgess, Jr., Bernard McDevitt, Parker Kean, Nadia F. Sos, Farouk M. Sos, Kenneth Goers, John J. Cieslicki, and William Torkildson, plaintiffs in the above-listed actions, individually and on behalf of the class certified by Order of the district court entered on January 28, 1992 in Master File Civil Action No. 91-3067, Appellants. In re: Unisys Savings Plan Litigation John P. Meinhardt, on behalf of himself and all others similarly situated v. Unisys Corporation (E.D. PA. Civil No. 91-cv-03067) Henry Zylla; Richard Silver; Ronald Grippo; Edward Lawler; Richard Andujar; Clarence Muller; Charles Wahler; James McLaughlin; Donald Rader; Joseph Lau; James Gangale; Alfred Contarino; John Marcucci; Joseph A. Fiore; Richard Mastrodomenico; Nick Klemenz; Peter Szczybek, on behalf of themselves and all others similarly situated; Engineers Union Local 444 of the International Union of Electronic, Electrical, Salaried, Machine And Furniture Workers, A.F.L.-C.I.O.; Locals 445 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Locals 450 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Locals 470 of the International Union of Electronic, Electrical, Salaried, Machine And Furniture Workers, A.F.L.-C.I.O.; Locals 165 of the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, A.F.L.-C.I.O.; Local 3, International Brotherhood of Electrical Workers, A.F.L.-C.I.O. v. Unisys Corporation; Edwin P. Gilbert; John J. Loughlin; Thomas Penhale, Individually and in their capacities as members of the Unisys Employee Benefits Executive Committee and administrators of the Unisys Retirement Investment Plan; Richard H. Bierly, Edwin P. Gilbert; Curtis A. Hessler; Leon J. Level; Kenneth L. Miller; David A. White; Jack A. Blaine; Stefan C. Riesenfeld; George T. Robson, individually and in their capacities as members of the Investment Committee of the Unisys Retirement Investment Plan (E.D. PA. Civil No. 91-cv-03772), Henry Zylla, Richard Silver, Ronald Grippo, Edward Lawler, Richard Andujar, Clarence Muller, Charles Wahler, James McLaughlin, Donald Rader, Joseph Lau, James Gangale, Alfred Contarino, Richard Colby, John Marcucci, Joseph Fiore, Richard Mastrodomenico, Nick Klemenz and Peter Szczybek, plaintiffs in the above-listed actions, individually and on behalf of the class certified by Order of the district court entered on January 28, 1992 in Master File Civil Action No. 91-3067, Appellants.

United States Court of Appeals, Third Circuit.

Decided March 22, 1999.

Order Denying Rehearing and Rehearing April 30, 1999.


Attorney(s) appearing for the Case

James R. Malone, Jr. (Argued) Michael E. Gottsch, Pamela Nicolaysen Chimicles, Jacobsen & Tikellis, Haverford, PA, Joel C. Meredith, Daniel B. Allanoff, Meredith, Cohen, Greenfogel & Skirnick, P.C., Philadelphia, PA, for Appellants.

Laurence Z. Shiekman (Argued) Brian T. Ortelere, Pepper Hamilton LLP, Philadelphia, PA, John Teklits, Unisys Corporation, Township Line & Union Meeting, Blue Bell, PA, for Appellees.

Marvin Krislov, Deputy Solicitor for National Operations, Marc I. Machiz, Associate Solicitor, Karen L. Handorf, Counsel for Special Litigation, Paul C. Adair, Trial Attorney U.S. Department of Labor, Office of the Solicitor Plan Benefits Security Division, Washington, D.C., for Secretary of Labor as Amicus Curiae in Support of Plaintiffs-Appellants.

Before: BECKER, Chief Judge, WEIS and GARTH, Circuit Judges.


Order Denying Rehearing and Rehearing En Banc April 30, 1999.

GARTH, Circuit Judge:

OPINION OF THE COURT

This action, brought by employees who had participated in individual account pension plans maintained by their employer Unisys Corporation ("Unisys"), charged essentially that Unisys and the individual defendants1 had breached their fiduciary duties prescribed by ERISA2 by investing in...

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