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(Reuters) — The U.S. Supreme Court on Thursday agreed to weigh whether to revive certain claims made in a class action lawsuit filed by employees against utility Edison International over its pension plan management.
The nine justices will consider a lawsuit filed by Glenn Tibble and other employees against Edison subsidiary Southern California Edison Company. The plaintiffs say the company breached its fiduciary duty by, among other things, offering higher-cost mutual funds to those participating in the plan despite the fact that identical lower-cost mutual funds were available.
At issue is whether some of the claims in the lawsuit were barred by a six-year statute of limitations that is part of the Employee Retirement Income Security Act. In July 2010, a federal judge in California said they were barred. The San Francisco-based 9th U.S. Circuit Court of Appeals agreed in an August 2013 decision.
Both courts said claims made within the six-year period could move forward.
A ruling is due by the end of June.
(Reuters) — A U.S. appeals court on Tuesday revived a lawsuit in which participants in four BP p.l.c. employee retirement savings plans claimed they were deceived into buying and holding BP stock before and after the 2010 Deepwater Horizon disaster.