IN RE MUTUAL FUNDS INVESTMENT LITIGATION

Nos. 06-2003, 06-2176, 06-2177.

529 F.3d 207 (2008)

In re MUTUAL FUNDS INVESTMENT LITIGATION Craig Wangberger, on behalf of himself and all others similarly situated, Plaintif-Appellant, v. Janus Capital Group, Incorporated; Plan Advisory Committee, Defendants-Appellees, and Charles Schwab Trust Company; Advisory Committee; Steven L. Scheid; G. Andrew Cox; Paul F. Balser, Defendants. Secretary of Labor, Amicus Supporting Appellant, Chamber of Commerce of the United States of America, Amicus Supporting Appellees. In re Mutual Funds Investment Litigation Miriam Calderon, individually and on behalf of all others similarly situated, Plaintif-Appellant, v. Amvescap National Trust Company; AVZ Incorporated, Defendants-Appellees, and AMVESCAP PLC; AMVESCAP Retirement, Incorporated; Robert F. McCullough; Gordon Nebeker; Jeffrey G. Callahan; Invesco Funds Group, Incorporated; Raymond R. Cunningham; Does 1-100, Defendants. Secretary of Labor, Amicus Supporting Appellant, Chamber of Commerce of the United States of America, Amicus Supporting Appellees. In re Mutual Funds Investment Litigation Jessica Corbett, on behalf of herself and all others similarly situated, Plaintif-Appellant, and Aurora Henao; Barbara Walsh, Plaintiffs, v. Marsh & McLennan Companies, Incorporated; Putnam Investments, LLC; J.W. Greenberg; Francis N. Bonsignore; William L. Rosoff; Sandra S. Wijnberg, Defendants-Appellees, and Putnam Investments Trust; Norman Berham; Lewis W. Bernard; Richard H. Blum; Frank J. Borelli; Robert F. Erburu; Ray J. Groves; George Putnam; John D. Ong; The Right Honorable Lord Lang of Monkton; Adele Smith Simmons; A.J.C. Smith; Peter Coster; Lawrence J. Lasser; David A. Olsen; John T. Sinnott; Frank J. Tasco; Stephen R. Hardis; Saxon Riley; Gwendolyn S. King; W.R.P. White-Cooper; Mathis Cabiallavetta; Charles A. Davis; Morton O. Schapiro; Irene M. Esteves; Patricia A. Agnello; Donald E. Mullen; Putnam Retirement Savings Plan Committee; Marsh & McLennan Companies, Incorporated, Stock Investment Plan Committee; Marsh & McLennan, Incorporated, Benefits Administration Committee; Sandra Wright, Defendants. Secretary of Labor, Amicus Supporting Appellant, Chamber of Commerce, Amicus Supporting Appellees.

United States Court of Appeals, Fourth Circuit.

Decided: June 16, 2008.


Attorney(s) appearing for the Case

ARGUED: Samuel K. Rosen, Harwood & Feffer, L.L.P., New York, New York, for Appellants. Kristen Lindberg, United States Department of Labor, Washington, D.C., for Amicus Supporting Appellants. Mark Andrew Perry, Gibson, Dunn & Crutcher, L.L.P., Washington, D.C., for Appellees. ON BRIEF: Paul Blankenstein, Dustin K. Palmer, Gibson, Dunn & Crutcher, L.L.P., Washington, D.C., for Appellees Janus Capital Group, Incorporated, and Janus Plan Advisory Committee; Robert N. Eccles, Gary S. Tell, Shannon M. Barrett, O'Melveny & Myers, L.L.P., Washington, D.C., for Appellees Marsh & McLennan Companies, Incorporated, Putnam Investments, L.L.C., J.W. Greenberg, Francis N. Bonsignore, William L. Rosoff, and Sandra S. Wijnberg; Maeve L. O'Connor, Maura K. Monaghan, Debevoise & Plimpton, L.L.P., New York, New York, for Appellees Amvescap National Trust Company and AVZ Incorporated. Howard M. Radzely, Solicitor of Labor, Timothy D. Hauser, Associate Solicitor for Plan Benefits Security, Karen L. Handorf, Counsel for Appellate and Special Litigation, United States Department of Labor, Washington, D.C., for Amicus Supporting Appellants. Robin S. Conrad, Shane Brennan, National Chamber Litigation Center, Washington, D.C.; Carol Connor Flowe, Nancy S. Heermans, Caroline Turner English, Arent Fox, L.L.P., Washington, D.C., for Amicus Supporting Appellees.

Reversed and remanded by published opinion. Judge NIEMEYER wrote the opinion, in which Judge SHEDD and Judge BRINKEMA joined.


OPINION

NIEMEYER, Circuit Judge:

The plaintiffs, each of whom purports to represent a class of others similarly situated, are former employees who maintained accounts in § 401(k) defined contribution retirement plans sponsored by their employers and who, upon leaving employment, voluntarily sought and obtained full distribution of the vested benefits in their respective accounts. They commenced these actions under the Employee Retirement Income Security...

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