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The court issued an order addressing defendants' motions to dismiss a consolidated supplemental class action complaint alleging violations of the Employee Retirement Income Security Act of 1974 (ERISA). Plaintiffs, former and current employees, accused various corporate and individual defendants, including Regions Financial Corporation and Morgan Keegan entities, of breaching fiduciary duties related to 401(k) retirement plans. Allegations included imprudent investments in Regions stock and high-risk bond funds, offering funds with excessive fees, and engaging in prohibited self-dealing transactions. The court largely denied the motions to dismiss, finding that plaintiffs had sufficiently pleaded claims for breach of prudence and disclosure duties, as well as prohibited transactions, which warranted further litigation. Only a specific co-fiduciary liability claim against Morgan Keegan and MAM related to company stock was granted dismissal.
Hamby v. Morgan Asset Management, Inc. is a workers' compensation case decided in District Court, W.D. Tennessee. This case addresses legal issues related to compensation claims, benefits, and court rulings.
It is commonly referenced in legal research involving workers' compensation laws in District Court, W.D. Tennessee.
Full Decision Text1 Pages
The court issued an order addressing defendants' motions to dismiss a consolidated supplemental class action complaint alleging violations of the Employee Retirement Income Security Act of 1974 (ERISA). Plaintiffs, former and current employees, accused various corporate and individual defendants, including Regions Financial Corporation and Morgan Keegan entities, of breaching fiduciary duties related to 401(k) retirement plans. Allegations included imprudent investments in Regions stock and high-risk bond funds, offering funds with excessive fees, and engaging in prohibited self-dealing transactions. The court largely denied the motions to dismiss, finding that plaintiffs had sufficiently pleaded claims for breach of prudence and disclosure duties, as well as prohibited transactions, which warranted further litigation. Only a specific co-fiduciary liability claim against Morgan Keegan and MAM related to company stock was granted dismissal.
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