NEW ORLEANS - An employee of a Dallas-based marketing company lost an appeal at the U.S. Court of Appeals for the Fifth Circuit concerning an Employee Retirement Income Security Act (ERISA) claim he filed over the company’s alleged mismanagement of an employee savings plan.
Randy Kopp claimed that Idearc Inc. was not acting in its employees' interest when it came to managing the Idearc Management Plan. Kopp claimed there were seven breaches in the company’s management, including its policy to allow employees to buy and hold Idearc stock when it was no longer prudent, making inaccurate representations and breaching its duties due to conflict of interest.
The district court dismissed the case, arguing that there were not enough facts to back Kopp’s claim. The court of appeals agreed.
In a per curiam opinion, Circuit Judges E. Grady Jolly, Emilio M. Garza and Priscilla Owen affirmed the district court’s dismissal of Kopp’s claims.
Case no. 12-10416.