Glass Dimensions, Inc. ex rel. Glass Dimensions, Inc. Profit Sharing Plan & Trust v. State Street Bank & Trust Co.

MEMORANDUM

TAURO, District Judge.

I. Introduction

Plaintiff brings this class action under the Employee Retirement Income Security *300Act (“ERISA”) §§ 404 and 406. Plaintiff claims that after class members invested in Defendants’ Lending Funds and appointed Defendants as trustee and investment manager, Defendants engaged in prohibited transactions and breached their fiduciary duties of loyalty and prudence. According to Plaintiff, Defendants did so by (1) selecting themselves as the securities lending agent for the Lending Funds in a self-dealing transaction without competitive bidding or arm’s…