Perez
Perez v. City National Corp.
Opinion
Lead Opinion
Hatter, J.
Order and Judgment
[NOJS-6]
The Court has considered the cross motions for partial summary judgment as to damages and Plaintiff Secretary of Labor Thomas E. Perez’s [“the Secretary”] motion to strike declarations and exhibits submitted by Defendants City National Corporation, et al. [“City National”] in support of City National’s motion for partial summary judgment as to damages, together with moving and opposing papers.
On April 5, 2016, the Court granted the Secretary’s motion for partial summary judgment as to liability. The Court held that City National had violated the Employee Retirement Income Securities Act of 1974 [“ERISA”], 29 U.S.C. §§ 1001 -1191c, which requires ERISA fiduciaries to act prudently, and prohibits ERISA fiduciaries from self-dealing,. The Court held that City National violated those provisions in the management of the City National Corporation Profit Sharing Plan [“the Plan”]. The Court rejected City National’s argument that the Secretary’s claims were barred by the statute limitations. The Court, also, held that City National had failed to provide sufficient evidence of direct expenses to the Plan because the evidence was based merely on “estimates…