What is the test for standing in an action for breach of fiduciary duty?
MultiRegion, United States of America
The following excerpt is from Waller v. Blue Cross of California, 32 F.3d 1337 (9th Cir. 1994):
We first address defendants' threshold argument that plaintiffs lack standing to bring this action. We agree with defendants that participants and beneficiaries of a terminated plan have no standing to seek legal damages for breach of fiduciary duty once the Plan was terminated and Plan liabilities were satisfied. Kuntz v. Reese, 785 F.2d 1410, 1411 (9th Cir.1986) (per curiam).
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