Lanka v. O'HIGGINS

MEMORANDUM-DECISION AND ORDER

Background

SCULLIN, District Judge.

The plaintiffs commenced this action on August 30, 1988, seeking $250,000 in damages plus interest, costs and attorney’s fees from the defendant, 1 alleging that he, while employed as their sole “investment manager,” violated the applicable ERISA and investment industry standards and breached his duties of loyalty, diversification and prudence. They alleged specifically that he breached his duties in that he:

1) failed to follow the plaintiffs’ specific instructions to invest in a conservative, diversified portfolio;

2) allowed…