In Johnson, et al. v. Carpenters of Western Washington Board of Trustees, et al., No. 23-35370, 2024 WL 3579492 (9th Cir. July 30, 2024) (Before: Friedland, Mendoza, and Desai, Circuit Judges), the Ninth Circuit reversed the district court’s dismissal of a putative class action against Carpenters of Western Washington Board of Trustees (the “Board”) and Callan, LLC (collectively, “Defendants”), alleging that Defendants violated their duties of prudence under ERISA related to their imprudent decision to invest in two volatility hedge funds managed by Allianz Global Investors. In a short unpublished opinion, the court found the following:
For these reasons, the court reversed and remanded the matter to the district court.
*Please note that this blog is a summary of a reported legal decision and does not constitute legal advice. This blog has not been updated to note any subsequent change in status, including whether a decision is reconsidered or vacated. The case above was handled by other law firms, but if you have questions about how the developing law impacts your ERISA benefit claim, the attorneys at Roberts Disability Law, P.C. may be able to advise you so please contact us.
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