Seyfarth Synopsis: A district
court in New York has held that a plaintiff cannot assert claims
against a plan in which she did not participate and cannot assert
claims of fiduciary breach without plausible allegations of
wrongdoing.
A federal district judge in the Southern District of New York
has dismissed claims that a stable value fund was depressing
returns and pocketing the difference between the amount credited to
the investments and the actual return on the investments. The
decision is reported as Dezelan v. Voya Retirement Ins. &
Annuity Co., No. 16-cv-1251 (S.D.N.Y. July 6, 2017).
The plaintiff participated in a separate-account stable value
fund (with money segregated from Voya's general accounts). She
sued on behalf of a class of participants in all of Voya's
ERISA-covered stable value funds in a multitude of
employer-sponsored plans, including participants in non-segregated
funds. The suit alleged that Voya violated its fiduciary duties and
engaged in
