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On March 5, Jenner & Block scored a summary judgment win for CenturyLink and its investment management subsidiary in a class action challenging the management of the company’s 401(k) plan investments in federal court in Colorado. The plaintiffs alleged that the defendants breached their fiduciary duties under ERISA with respect to the design and management of an actively-managed large cap fund and target date funds offered in the plan.
In its opinion granting summary judgment, the court held that the defendants employed a robust decision-making process, and that CIM diligently monitored the Fund and made appropriate changes in response to market conditions. The court found that contrary testimony by plaintiffs’ expert witnesses was insufficient in light of the extensive evidence of the defendants’ prudent process, and entered judgment for the defendants.
The team was led by Partners Craig C. Martin and Amanda S. Amert, and included partners Matt Basil and Michele L. Slachetka, Associates Laura L. Norris, Samantha M. Glass, and Chloe Holt, Paralegals Tom Scholtus and Tyler Stilley, and former associates Cristina Covarrubias and Christian Hokans. Senior Paralegal Micah Horan also provided valuable legal assistance.