Pension Benefit Guaranty Corp. Ex Rel. Saint Vincent Catholic Medical Centers Retirement Plan v. Morgan Stanley Investment Management Inc.

Judge STRAUB dissents in part and concurs in part in a separate opinion.

JOSÉ A. CABRANES, Circuit Judge:

In this appeal we consider the degree of factual detail needed in a complaint in order to present nonconclusory and plausible allegations that a pension plan administrator purchased and continued to hold certain mortgage-backed securities in violation of its fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq.

In an effort “to ensure that employees will not be left emptyhanded once employers have guaranteed them certain benefits,”…