The judge issued a post-trial decision in favor of the defense in this ERISA matter, quoting Professor Jennifer Conrad numerous times and including eight tables and charts from her reports.
Retained by Groom Law Group
In this class action, plaintiff Joanna P. Mattson claimed that our client, Milliman Inc., offered proprietary investment funds (WPS Funds) in its 401(k) plan and that those funds underperformed and caused economic harm.
Plaintiff asserted that Milliman breached its fiduciary duty in violation of ERISA by retaining the WPS Funds in the Plan.
Counsel for Milliman retained Cornerstone Research to support Professor Jennifer Conrad of the Kenan-Flagler Business School, University of North Carolina at Chapel Hill. Professor Conrad assessed the funds’ performance and provided analysis comparing the funds in question with peer group funds. She explained the complex hedging strategies that these funds employ to manage their risk levels and the implications of these strategies for investment returns in different market conditions.
In finding for Milliman, Judge Zilly wrote, “the record simply does not support Mattson’s contention that the WPS Funds caused the Plan to suffer losses.”
Professor Conrad’s analysis was crucial to Judge Thomas S. Zilly’s assessment of the facts of the case.
Judge Zilly’s decision quotes Professor Conrad’s report and testimony throughout and includes eight tables and charts from her report.
In finding for Milliman, Judge Zilly wrote, “the record simply does not support Mattson’s contention that the WPS Funds caused the Plan to suffer losses.”