Management of Pension Plan Funds Disputed in U.S. District Court for W. District of Ny

Summary

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In a case where the plaintiff sought to add counterclaims for professional malpractice, breach of contract and fraud, the U.S. District Court for the Western District of New York held that the counterclaims were compulsory under Rule 13 of the Federal Rules of Civil Procedure and could be added.

In Geoffrey S. Rubin, as trustee of the Southern Tier News Company Pension Plan v. Valicenti Advisory Services, Inc., et al., U.S. Magistrate Judge Marian Payson granted the plaintiff's motion to add the counterclaims based on her finding that they arose out of the same transactions on which the defendants' third-party claims were based.

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Extract

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Management of Pension Plan Funds Disputed in U.S. District Court for W. District of Ny

The parties

The instant case stems from allegations by the plaintiff, Geoffrey Rubin, that the defendants, Valicenti Advisory Services, Inc. (VAS) and Vincent Valicenti, mismanaged a defined benefit pension plan.

Establish in 1979, the pension plan belonged to Southern Tier News Co., Inc. Rubin was the president and sole shareholder of the company....

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