Kenneth G. Kaplan, Nancy Kaplan, Christopher McHugh, Steven Stewart and Edwin Webster v. Morgan Stanley & Company…

Summary

The Supreme Court of Vermont affirmed dismissal of plaintiffs' claims as barred by the six-year statute of limitations. The court held that plaintiffs were on inquiry notice when they received the Summary Plan Description in December 1997 because it disclosed the fundamental differences and risks of the defined-contribution plan, making their 2007 complaint untimely. The court also rejected equitable tolling and equitable estoppel because plaintiffs did not allege that defendants prevented discovery or induced delay. No separate opinions were issued.