Groom Law Group Secures Dismissal of 403(b) Fee Lawsuit

On November 23, 2010 the United States District Court for the Eastern District of New York dismissed the complaint filed in Montoya v. New York State United Teachers, No. 2:10-cv-02068-LDW-ARL, a state-law based class action challenging 403(b) fees, revenue sharing, and alleged “kick backs.”  As discussed in the attached memo, the court concluded that removal of the case to federal court was proper, and the Securities Litigation Uniform Standards Act (“SLUSA”) mandated dismissal of the complaint.