Opinion ID: 149655
Heading Depth: 2
Heading Rank: 3

Heading: Misrepresentations or Omissions of Material Fact

Text: The amended complaints alleged at various places that defendants made misrepresentations and omissions of material fact. For example, defendants are alleged to have made uniform misrepresentations to appellants about whether they could afford to retire early without depleting their investment accounts, and to have misrepresented or concealed material facts that they knew, or should have known, would show that their pre-retirement communications with Plaintiffs had been false, incorrect, or misleading. The amended complaints further alleged that defendants made omissions by fail[ing] to disclose material information which, under the circumstances, should have been disclosed to the plaintiffs and communicated inaccurate, incomplete or erroneous information to Plaintiffs concerning the consequences of retirement and the feasibility of early retirement from secure positions of employment. As for materiality, appellants allege that the misrepresentations would have been material to a reasonable person under these circumstances and were material to the Plaintiffs as reasonable persons, and their decisions to retire and to accept lump sum distributions of their pension funds.