Alston & Bird Wins 401(k) Class Action Lawsuit for Avaya

The United States Court of Appeals for the Third Circuit has affirmed the dismissal of a 401(k) stock drop suit alleging breach of fiduciary duties under the Employee Retirement and Income Securities Act (ERISA) against Avaya. The court found that the complaint "failed to allege sufficient facts to overcome the presumption [of prudence] imposed by Moench v. Robertson, 62 F.3d 553 (3d Cir. 1995), that the defendant’s acted within their discretion in performing their fiduciary duties." Doug Hinson, Mike Monnolly and Sean McMahan represented Avaya in the victory.