Nager v Teachers' Retirement Sys. of City of N.Y. (2007 NY Slip Op 10498)

Nager v Teachers' Retirement Sys. of City of N.Y.

2007 NY Slip Op 10498 [46 AD3d 488]

December 27, 2007

Appellate Division, First Department

Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431.

As corrected through Wednesday, February 13, 2008

Arnold H. Nager, Individually and on Behalf of All Others Similarly Situated, Appellants,
v
Teachers' Retirement System of the City of New York et al., Respondents.

—[*1] Rosen Preminger & Bloom LLP, New York City (David S. Preminger of counsel), for appellants.

Michael A. Cardozo, Corporation Counsel, New York City (Alan G. Krams of counsel), for respondents.

Judgment, Supreme Court, New York County (Walter B. Tolub, J.), entered May 3, 2006, after a nonjury trial, dismissing the complaint, unanimously affirmed, with costs.

The trial court correctly found that the "intent and purposes" section of the legislation creating the Variable B annuity fund (L 1982, ch 735) did not impose a "mandate" on defendant Teachers' Retirement Board to invest in equities, that the Board did not act imprudently in deciding not to invest in equities, and that defendants disclosed to the System's members information about Variable B more than adequate to satisfy their fiduciary duties. We have considered and rejected plaintiffs' other arguments. Concur—Tom, J.P., Nardelli, Williams and Catterson, JJ.