Comer

Facts

Kevin Comer was a participant in two ERISA plans oper- ated by Micor, Inc. The plan trustees retained Salomon Smith Barney, Inc. (Smith Barney) to provide investment advice. The relationship between Smith Barney and the trustees is governed by investment management agreements. The agree- ments contain arbitration clauses, pursuant to which “all claims or controversies” between the trustees and Smith Bar- ney “concerning or arising from” any of the trustees’ accounts managed by Smith Barney must be submitted to binding arbi- tration.

From 1999 through 2002, Smith Barney allegedly concen- trated the plans’ assets in high-tech and telecom stocks. Even after the bubble burst in early 2000, Smith Barney allegedly maintained its concentrated positions. The plans suffered heavy investment losses. COMER v. SALOMON SMITH BARNEY 1237 Comer sued Smith Barney under the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001-1461 (ERISA), for breach of fiduciary duty. See id. §§ 1104(a)(1) (A)(i), 1109(a), 1132(a)(2).1 As the district court explained, “by bringing suit under 29 U.S.C. § 1132(a)(2), Plaintiff is seeking relief available under 29 U.S.C. §…