Analysis Group Helps Client Win Summary Judgment in ERISA Case
BOSTON, MA – Analysis Group, one of the largest international economics consulting firms, worked with Saul Ewing Arnstein & Lehr on behalf of a pension plan committee and its members in their successful defense of an ERISA suit brought by the US Department of Labor (DOL), which ended in a grant of summary judgment.
In the case (Scalia v. WPN Corp., et al.), the DOL alleged that the committee had breached its fiduciary duties under ERISA by failing to monitor the management of pension funds by an investment manager, causing the funds to lose value between November 2008 and May 2009. Analysis Group Co-Founder Bruce Stangle filed an expert report rebutting the contentions of the DOL’s expert.
In his report, Dr. Stangle opined that the committee had acted in accordance with both industry custom and ERISA’s monitoring requirements in its oversight of the investment manager. Moreover, Dr. Stangle said that given the then-current market volatility, the committee had acted prudently in conducting its various monitoring activities.
Judge Nora Barry Fischer of the US District Court for the Western District of Pennsylvania granted summary judgment to the committee, holding that there was no evidence that the committee had breached its duty to monitor. In her opinion, Judge Fischer noted that “had this case gone to trial, this Court would likely give greater weight to Dr. Stangle’s opinion.”
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About Analysis Group
Analysis Group is one of the largest international economics consulting firms, with more than 1,000 professionals across 14 offices in North America, Europe, and Asia. Since 1981, we have provided expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune Global 500 companies, and government agencies worldwide. Our internal experts, together with our network of affiliated experts from academia, industry, and government, offer our clients exceptional breadth and depth of expertise.