United States: Claims against Bellwether Consulting dismissed
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A favorable decision has been made for Bellwether Consulting, LLC, a client of Pryor Cashman. The independent investment advisory firm has faced allegations of wrongdoing linked to a broader claim against Prudential Insurance Co. According to Law360, “A New Jersey federal judge has so far dismissed a proposed class action suit accusing Prudential Insurance Co. of America of mismanagement of employee pension plan investments, ruling that the complaint does not contain the details necessary to substantiate the claims. claims; under the Employees Retirement Income Security Act. âThe publication goes on to state:
[the plaintiff] has been no better in its claims against individual officials at Prudential and Bellwether Consulting LLC, an investment advisory firm used by Prudential.
Beyond the list of their respective positions, [the plaintiff]failed to plead sufficient facts regarding any wrongdoing on behalf of the individuals, according to the judge. Bellwether has been accused of failing to apply a “rigorous process to ensure that only prudent investments are maintained in the plan,” but the claim failed to plausibly establish improper conduct, the ruling 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 lawyer Marion Harris.
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