PFEIL v. STATE STREET BANK AND TRUST CO.

No. 14-1491.

806 F.3d 377 (2015)

Raymond M. PFEIL and Michael Kammer, Individually and on behalf of all others similarly situated, Plaintiffs-Appellants, v. STATE STREET BANK AND TRUST COMPANY, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: November 10, 2015.


Attorney(s) appearing for the Case

ARGUED: Deborah Clark-Weintraub , Scott + Scott, LLP, New York, New York, for Appellants. Wilber H. Boies , McDermott Will & Emery LLP, Chicago, Illinois, for Appellee. ON BRIEF: Deborah Clark-Weintraub , Scott + Scott, LLP, New York, New York, Geoffrey M. Johnson , Scott + Scott, LLP, Cleveland Heights, Ohio, for Appellants. Wilber H. Boies , Michael S. Yellin , Jennifer Aronoff , McDermott Will & Emery LLP, Chicago, Illinois, James D. VandeWyngearde , Pepper Hamilton LLP, Southfield, Michigan, for Appellee.

BOGGS, J., delivered the opinion of the court in which SUHRHEINRICH, J., joined. WHITE, J. (pp. 14-16), delivered a separate dissenting opinion.


OPINION

This case requires us to apply recent developments in the law of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. § 1001 et seq. ERISA subjects plan fiduciaries to a duty of prudence. 29 U.S.C. § 1104(a)(1). This generally requires diversification. But to "solve the dual problems...

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