DISCLAIMER: Any unofficial case summaries below are prepared by the clerk's office
as a courtesy to the reader. They are not part of the opinion of the court.
212749P.pdf 10/12/2022 Daniel Matousek v. MidAmerican Energy Company
U.S. Court of Appeals Case No: 21-2749
U.S. District Court for the Southern District of Iowa - Central
[PUBLISHED] [Stras, Author, with Shepherd and Erickson, Circuit Judges]
Civil case - ERISA. Plaintiffs alleged their employer failed to properly
manage and monitor the costs of the company's defined-contribution
retirement plan; in the absence of significant allegations of wrongdoing,
plaintiffs could only plead a breach of fiduciary duty with respect to
managing recordkeeping costs and charging excessive fees by identifying
similar plans offering the same services for less, but they failed to do
so, and the district court properly dismissed the claim; plaintiff's
reliance on industry-wide averages failed to provide a meaningful
benchmark; the evidence plaintiffs provided failed to establish an
inference of imprudence with respect to the fund's investments; the
district court did not abuse its discretion by dismissing the complaint
with prejudice.