Legal Opinion
Trustees of the Upstate New York Engineers Pension Fund v. Ivy Asset Management
Court of Appeals for the Second Circuit
Decided December 8, 2016No. Docket No. 15-3124PublishedCited by 342 opinions
1Opinion of the Court
DENNIS JACOBS, Circuit Judge:
An ERISA pension fund, by its trustees, sues its investment manager (and principals), alleging: that these defendants knew by 1998 that investing with Bernard L. Madoff Investment Securities LLC (“BLMIS”) was imprudent; that these defendants breached their fiduciary duty by failing to warn the fund of this fact; that if warned, the fund would have withdrawn the full sum appearing on its 1998 BLMIS account statements; and that prudent alternative investment of that sum would have earned more than the fund’s actual net withdrawals from its BLMIS account between 1999…
2Cases cited16 opinions
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3Cited by342 opinions
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