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3rd Circ.: Direct Investment in Every Fund Not Necessary for Standing in ERISA Class Action

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The U.S. Court of Appeals for the Third Circuit has upheld a district court decision granting class certification to a group of retirement plan participants who alleged breach of fiduciary responsibility in their suit against plan administrators.

The interlocutory appeal brought by the fiduciaries of a retirement plan argued for partial dismissal of the plaintiffs’ claims, stating that they “lacked constitutional standing to pursue claims relating to funds in which they did not personally invest.”