Reinsurer Seeks Dismissal of ERISA Lawsuit, Says Plaintiffs Lack Standing

NEW YORK — A captive reinsurer has moved to dismiss a purported class action accusing it of siphoning assets from an employee benefit plan, arguing the plaintiffs lack standing because they have no concrete or particularized individual loss from the alleged ERISA violations.

In an April 3 motion filed in the U.S. District Court for the Eastern District of New York, HealthCap Assurance Inc. further contends the plaintiffs have failed to establish any causal connection between the alleged losses and the fiduciaries’ alleged breaches.

“In fact, Plaintiffs have failed to articulate any concrete injury or losses whatsoever resulting from …