Mayer Brown secures trial victory for Wood Group in ERISA class action
Mayer Brown obtained an across-the-board trial win on behalf of Wood Group US Holdings Inc. in the US District Court for the Central District of California in an Employee Retirement Income Security Act of 1974 (ERISA) class action suit, Robert Lauderdale et al. v. NFP Retirement Inc. et al.
The case involved allegations that Wood imprudently selected flexPATH as the investment manager for the Wood 401(k) plan, and then was imprudent in monitoring flexPATH and failing to prevent flexPATH from utilizing its own target date funds in the plan’s investment lineup.
After a nine-day bench trial, on February 23, 2024, US District Judge James Selna ruled in favor of Wood, concluding that the company acted appropriately in hiring flexPATH as an investment manager and in monitoring flexPATH thereafter.
The team was led by partners Alex Lakatos, Brantley Webb, John Nadolenco and Nancy Ross and included associates Will Sinnott and Elaine Liu.
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