A favorable decision has been reached for Pryor Cashman client Bellwether Consulting, LLC. The independent investment consulting firm faced allegations of wrongdoing related to a broader claim against Prudential Insurance Co. According to Law360, "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." The publication goes on to state:
[the plaintiff] fared no better in his claims against individual Prudential officials and Bellwether Consulting LLC, an investing consulting firm Prudential used.
Beyond listing their respective positions, [the plaintiff] failed to plead sufficient facts regarding any wrongdoing on behalf of the individuals, according to the judge. Bellwether was accused of failing to apply a "rigorous process to ensure that only prudent investments would be maintained in the plan," but that allegation fell short of plausibly establishing any improper conduct, the decision said.
The Pryor Cashman team representing Bellwether was led by Michael Goldberg, a partner in the firm's Litigation Group. Additional support was provided by partner Jeffrey Alberts and counsel Marion Harris.
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