In plaintiff's class-action lawsuit, individually and in his official capacity as a sheriff, on behalf of all public employers who sponsor deferred compensation plans, claiming breach of fiduciary duty and unjust enrichment by defendant-insurance company, district court's dismissal of the action is affirmed as the proposed class action does not fit within the narrow state-actions exception to the Securities Litigation Uniform Standards Act of 1998 because it is not brought on behalf of named plaintiffs who have authorized participation in the action.
Argued: October 13, 2009
Decided and Filed: February 3, 2010
Opinion by Associate Judge (Retired), O'Connor
For Appellant: Roger L. Mandel, Beckham & Mandel
For Appellee: Charles C. Platt, Wilmer Hale