Patterson v. Morgan Stanley

Patterson v. Morgan Stanley

Plaintiff:	Robert J. Patterson
Defendant:	Morgan Stanley, Morgan Stanley Domestic Holdings Inc., Morgan Stanley Capital Management, LLC, Morgan Stanley Retirement Plan Investment Committee, Morgan Stanley Board of Directors, James P. Gorman, Roy J. Bostock, Erskine B. Bowles, Alistair Darling, Robert J. Davies, Thomas H. Glocer, James H. Hance, Jr., Robert H. Herz, C. Robert Kidder, Klaus Kleinfeld, John J. Mack, Jami Miscik, Donald T. Nicolaisen, Hutham S. Olayan, James W. Owens, O. Griffith Sexton, Ryosuke Tamakoshi, Masaaki Tanaka, Perry M. Traquina, Laura D. Tyson, Rayford Wilkins, Jr., John Does 1-20, Morgan Stanley Investment Management Inc. and Nobuyuki Hirano
Case Number:	1:2016cv06568
Filed:	August 19, 2016
Court:	US District Court for the Southern District of New York
Office:	Foley Square Office
County:	New York
Presiding Judge:	Richard J. Sullivan
Nature of Suit:	Employee Retirement Income Security Act of 1974
Cause of Action:	29 U.S.C. § 1001
Jury Demanded By:	Plaintiff

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Date Filed	Document Text
October 7, 2019	Filing 109 OPINION AND ORDER re: 92 MOTION to Dismiss the Second Amended Complaint. filed by Morgan Stanley, Morgan Stanley Retirement Plan Investment Committee, Morgan Stanley Domestic Holdings Inc., Morgan Stanley & Co., LLC. Contrary t o Plaintiffs' claims, ERISA does not require clairvoyance on the part of plan fiduciaries, nor does it countenance opportunistic Monday-morning quarter-backing on the part of lawyers and plan participants who, with the benefit of hindsight, have zeroed in on the underperformance of certain investment options. More is required, and Plaintiffs come nowhere close to alleging such a case in their Complaint. Accordingly, because Plaintiffs lack standing as to the Non-Selected Funds, and because their Second Amended Complaint fails to state a claim under ERISA as to the Selected Funds, Defendants' motion to dismiss is GRANTED. The Clerk of the Court is respectfully directed to terminate the motion pending at document number 92 and to close this case. (Signed by Judge Richard J. Sullivan Sitting By Designation on 10/7/2019) (kgo) Transmission to Orders and Judgments Clerk for processing.

Date Filed

Document Text

October 7, 2019

Filing 109 OPINION AND ORDER re: 92 MOTION to Dismiss the Second Amended Complaint. filed by Morgan Stanley, Morgan Stanley Retirement Plan Investment Committee, Morgan Stanley Domestic Holdings Inc., Morgan Stanley & Co., LLC. Contrary t o Plaintiffs' claims, ERISA does not require clairvoyance on the part of plan fiduciaries, nor does it countenance opportunistic Monday-morning quarter-backing on the part of lawyers and plan participants who, with the benefit of hindsight, have zeroed in on the underperformance of certain investment options. More is required, and Plaintiffs come nowhere close to alleging such a case in their Complaint. Accordingly, because Plaintiffs lack standing as to the Non-Selected Funds, and because their Second Amended Complaint fails to state a claim under ERISA as to the Selected Funds, Defendants' motion to dismiss is GRANTED. The Clerk of the Court is respectfully directed to terminate the motion pending at document number 92 and to close this case. (Signed by Judge Richard J. Sullivan Sitting By Designation on 10/7/2019) (kgo) Transmission to Orders and Judgments Clerk for processing.

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Defendant: Morgan Stanley
Represented By:	Pamela Addison Miller
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Defendant: Morgan Stanley Domestic Holdings Inc.
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Defendant: Morgan Stanley Capital Management, LLC
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Defendant: Morgan Stanley Retirement Plan Investment Committee
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Defendant: Morgan Stanley Board of Directors
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Defendant: James P. Gorman
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Defendant: Roy J. Bostock
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Defendant: Erskine B. Bowles
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Defendant: Alistair Darling
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Defendant: Robert J. Davies
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Defendant: Thomas H. Glocer
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Defendant: James H. Hance, Jr.
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Defendant: Robert H. Herz
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Defendant: C. Robert Kidder
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Defendant: Klaus Kleinfeld
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Defendant: John J. Mack
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Defendant: Jami Miscik
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Defendant: Donald T. Nicolaisen
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Defendant: Hutham S. Olayan
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Defendant: James W. Owens
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Defendant: O. Griffith Sexton
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Defendant: Ryosuke Tamakoshi
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Defendant: Masaaki Tanaka
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Defendant: Perry M. Traquina
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Defendant: Laura D. Tyson
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Defendant: Rayford Wilkins, Jr.
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Defendant: John Does 1-20
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Defendant: Morgan Stanley Investment Management Inc.
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Defendant: Nobuyuki Hirano
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Plaintiff: Robert J. Patterson
Represented By:	David Hahn Tracey
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