A motion for summary judgment is usually filed after the parties have completed discovery, giving a judge the opportunity to review details of a case. A motion to dismiss, usually requested soon after a complaint is filed, argues that the plaintiff has failed to state a claim.
The plaintiffs filed an initial lawsuit in April 2018 — amended in July 2018 — in the case of Pizarro et al. vs. Home Depot Inc. et al.
"Plaintiffs have failed to adduce evidence to show why the plan's fees for professional management, expressed in basis points or per capita, were imprudent or imprudently bargained, let alone a result of anything other than the plan's unique characteristics," the judge wrote.
The plaintiffs argued that Home Depot could have found advisory firms that charged less. "Here, the undisputed record evidence shows that plaintiffs' identified competitors were not apt for apples-to-apples comparison based on the services they provided throughout the class period," the judge responded. "There is no evidence that Home Depot defendants' actions or inactions caused the plan a loss."
The judged also reviewed the plaintiffs' ERISA claims about alleged poor performance by several investments, siding with Home Depot in each instance.
The Home Depot FutureBuilder, Atlanta, had assets of $12.8 billion as of Dec. 30, 2021, according to the latest 11-K statement.