Case: Health Care & Benefits/Fiduciary Duties (S.D.N.Y.)

A federal district court in New York dismissed for lack of standing a Tharanco Group Inc. employee’s action for breach of fiduciary duties against Bankers Trust Co. of South Dakota and several individuals. The employee alleged that Bankers Trust Co. engaged in an employee benefit plan transaction prohibited by ERISA and, in so doing, breached its fiduciary duties as trustee of that plan, and that Tharanco owners or directors knew or should have known of the unlawful transaction. According to the court, the employee didn’t plead a concrete, particularized, and actual injury in fact, nor that the injury was caused ...