Second Circuit -- Pension Benefit Guar. Corp. v. Morgan Stanley Inv. Mgmt. Inc.

To state a claim for breach of fiduciary duty under ERISA, circumstantial evidence is sufficient, but there must be enough to raise a reasonable inference of breach of duty -- mere decline in the assets of the Plan is insufficient.

Dissent -- Plausible inference suffices -- no heightened pleading for ERISA


Pension Benefit Guar. Corp. v. Morgan Stanley Inv. Mgmt. Inc.