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Prudential Gets ERISA Class Claims Axed For Now

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By Jeannie O’Sullivan (September 28, 2021, 7:18 PM EDT) — A New Jersey federal judge has dismissed for now a proposed class action accusing Prudential Insurance Co. of America of mismanaging employee retirement plan investments, ruling that the complaint lacks the specifics needed to support claims under the Employee Retirement Income Security Act.

In an opinion rendered Monday, U.S. District Judge John Michael Vazquez indicated that the claims by Young Cho were plagued with “conclusory” and insufficient allegations, but gave him 30 days to amend the lawsuit to cure the deficiencies. Among the accusations that fell short were Cho’s contention that Prudential and administrators of its 401K plan breached their duty…