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CITY OF CAMBRIDGE RETIREMENT SYSTEM v. ERSEK

No. 17-1381.

921 F.3d 912 (2019)

CITY OF CAMBRIDGE RETIREMENT SYSTEM; MARTA/ATU Local 732 Employees Retirement Plan, derivatively on behalf of the Western Union company, Plaintiffs-Appellants, and Stanley Lieblein, Plaintiff, v. Hikmet ERSEK; Jack M. Greenberg; Dinyar S. Devitre; Richard A. Goodman; Betsy D. Holden; Linda Fayne Levinson; Roberto G. Mendoza; Solomon D. Trujillo; Frances M. Fragos Townsend; the Western Union Company, a Delaware corporation, nominal defendant, Defendants-Appellees.

United States Court of Appeals, Tenth Circuit.

Filed April 16, 2019.

Attorney(s) appearing for the Case

Jeroen Van Kwawegen of Bernstein Litowitz Berger & Grossmann LLP, New York, New York ( David J. MacIsaac of Bernstein Litowitz Berger & Grossmann LLP, New York, New York; Jeffrey A. Berens , of Berens Law LLC, Denver, Colorado; and Michael I. Fistel, Jr. , of Johnson Fistel LLP, Marietta, Georgia, with him on the briefs), for Plaintiffs-Appellants.

David F. Graham , of Sidley Austin LLP, Chicago, Illinois ( Hille R. Sheppard , of Sidley Austin LLP, Chicago, Illinois; and Holly Stein Sollod and Christina Gomez of Holland & Hart LLP, Denver, Colorado, with him on the brief) for Defendants-Appellees.

Before MATHESON, PHILLIPS, and McHUGH, Circuit Judges.

In this shareholder-derivative action, Shareholders of The Western Union Company aver that several of Western Union's Officers and Directors breached their fiduciary duties to the company by willfully failing to implement and maintain an effective anti-money-laundering-compliance program (AML-compliance program), despite...

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