A federal judge in Los Angeles has dismissed an ERISA lawsuit against CoreLogic Inc. and its 401(k) plan fiduciaries by a participant because the plaintiff couldn't prove financial injury.
The plaintiff, in a June 2023 lawsuit, criticized five investments as expensive underperformers, but U.S. District Judge Hernan D. Vera pointed out in his Jan. 26 ruling that the plaintiff didn't invest in any of them. The plaintiff also alleged that the plan's record-keeping fees were excessive, but the judge noted that the plaintiff paid less than what his lawsuit claimed was reasonable.
"Plaintiff was not injured by the misconduct he alleges," Vera wrote in Sabana vs. CoreLogic Inc. et al. "He therefore lacks standing, and for that reason this court lacks jurisdiction over the action."
The judge dismissed the lawsuit with prejudice, meaning that plaintiff cannot refile in this court.
CoreLogic Inc. 401(k) Savings Plan, Irvine, Calif., had $601 million in assets as of Dec. 31, 2022, according to the latest Form 5500.