TATUM v. R.J. REYNOLDS TOBACCO CO.

No. 04-1082.

392 F.3d 636 (2004)

Richard G. TATUM, individually and on behalf of a class of all other persons similarly situated, Plaintiff-Appellant, v. R.J. REYNOLDS TOBACCO COMPANY; R.J. Reynolds Tobacco Holdings, Incorporated; RJR Employee Benefits Committee of the R.J. Reynolds Tobacco Company Capital Investment Plan; RJR Pension Investment Committee of the R.J. Reynolds Tobacco Company Capital Investment Plan, Defendants-Appellees. Secretary of Labor, Amicus Supporting Appellant, Chamber of Commerce of the United States of America; American Benefits Council, Amici Supporting Appellees.

United States Court of Appeals, Fourth Circuit.

Decided: December 14, 2004.


Attorney(s) appearing for the Case

ARGUED: Jeffrey G. Lewis, Lewis, Feinberg, Renaker & Jackson, P.C., Oakland, California, for Appellant. Daniel Russell Taylor, Jr., Kilpatrick Stockton, L.L.P., Winston-Salem, North Carolina, for Appellees. George William Scott, III, United States Department of Labor, Washington, DC, for Amicus Supporting Appellant. ON BRIEF: Robert M. Elliot, J. Griffin Morgan, Elliot, Pishko, Morgan, P.A., Winston-Salem, North Carolina; Bill L. Lee, James M. Finberg, Leiff, Cabraser, Heimann & Bernstein, San Francisco, California; Lisa T. Belenky, Lewis, Feinberg, Renaker & Jackson, P.C., Oakland, California, for Appellant. Adam H. Charnes, Kristin M. Major, Kilpatrick Stockton, L.L.P., Winston-Salem, North Carolina, for Appellees. Howard M. Radzely, Solicitor of Labor, Timothy D. Hauser, Associate Solicitor, Plan Benefits Security Division, Elizabeth Hopkins, for Appellate and Special Litigation, G. William Scott, Senior Trial Attorney, Office of the Solicitor, United States Department Of Labor, Washington, DC. for Amicus Supporting Appellant. Hollis T. Hurd, The Benefits Department, Pittsburgh, Pennsylvania; Susan Relland, Lynn Dudley, American Benefits Council, Washington, DC, for American Benefits Council; Stephen A. Bokat, Ellen Dunham Bryant, National Chamber Litigation Center, Washington, DC, for the Chamber of Commerce of the United States, Amici Supporting Appellees.

Before MICHAEL and MOTZ, Circuit Judges, and Henry E. HUDSON, United States District Judge for the Eastern District of Virginia, sitting by designation.


Reversed and remanded by published opinion. Judge MICHAEL wrote the opinion, in which Judge MOTZ and Judge HUDSON joined.

OPINION

MICHAEL, Circuit Judge:

This is an appeal from an order, entered under Fed.R.Civ.P. 12(b)(6), dismissing a complaint alleging that fiduciaries under a 401(k) plan breached their duty of prudence under the Employee Retirement Security Act (ERISA), 29 U.S.C. § 1001 et seq., when they liquidated two of the plan...

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