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California Ironworkers v. Loomis, Sayles
The Situation
Several employee benefit plans sued an investment adviser over investment losses on complex mortgage-backed securities. Under the applicable ERISA standard, liability turns on the prudence of the procedure followed in making the investment decision, not the securities themselves or the resulting performance.
NERA's Role
In trial testimony, a NERA expert identified key elements in the adviser's selection process and matched those criteria to the securities purchased.
The Result
The trial court accepted NERA’s analysis in its opinion.