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Federal judge dismisses ERISA suit against Vail Corp.
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A U.S. District Court judge in Durango, Colo., dismissed a complaint against The Vail Corp. by a former participant in the company s 401(k) plan who alleged ERISA violations by failing to exercise a duty of loyalty to participants and a duty of prudence in managing the plan. Plaintiff puts forth no facts suggesting that any of the defendant s action were for the purpose of benefiting itself, wrote U.S. District Judge R. Brooke Jackson in a Jan. 6 opinion rejecting the duty-of-loyalty claim.
The plaintiff s allegations fall short of a valid claim for breach of duty of prudence, the judge wrote in rejecting arguments that fees were too high, fund choices were too expensive and the fund lineup should have emphasized cheaper index funds vs. more expensive actively managed funds.