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|Set It and Forget It? Not so Fast, Says the Supreme Court in Tibble|
Preston R. Burch, Timothy G. Verrall; Ogletree, Deakins, Nash, Smoak & Stewart, P.C.;
May 29, 2015, previously published on May 18, 2015On May 18, 2015, the Supreme Court of the United States rendered a much anticipated (by ERISA attorneys, at least) decision in Tibble v. Edison International, clarifying a relatively narrow but still significant issue involving fiduciary responsibilities and retirement plan investments. Tibble v....
|DOL Has Many Questions About its Fiduciary Reproposal|
Brenna M. Clark, Adam B. Cohen, Carol T. McClarnon, Vanessa A. Scott, W. Mark Smith; Sutherland Asbill & Brennan LLP;
May 29, 2015, previously published on May 28, 2015As has been widely reported, the U.S. Department of Labor (DOL) on April 14 issued its proposal to expand the definition of investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). DOL included in that package more than 170 questions concerning its proposal or matters...
|Supreme Court Rules on Statute of Limitations for Claims Against Plan Fiduciaries: Statute of Limitations for ERISA Fiduciary Claims Can Run From the Date of a Failure to Monitor Investments, Not Merely From the Date of the Initial Investment Decision|
Sullivan Cromwell LLP;
May 28, 2015, previously published on May 19, 2015Yesterday in Tibble et al., Petitioners v. Edison International et al., the U.S. Supreme Court ruled that the six-year statute of limitations for claims against ERISA fiduciaries runs from the date of a failure to monitor investments, and not simply from the date of the initial investment decision....
|U. S. Supreme Court Issues Ruling on Duty of Prudence for Investment Options Made Available Under 401(k) Plan|
Duane Morris LLP;
May 28, 2015, previously published on May 26, 2015On May 18, 2015, a unanimous Supreme Court of the United States held that there is a continuing duty of prudence with respect to investment options made available under a 401(k) plan and that claims of a breach of such fiduciary duty under the Employee Retirement Income Security Act of 1974 (ERISA)...
|Third Circuit Adopts Catalyst Theory in ERISA Cases for Attorney Fee Awards|
Joshua Bachrach; Wilson Elser Moskowitz Edelman & Dicker LLP;
May 27, 2015, previously published on May 14, 2015Under the Employee Retirement Income Security Act of 1974 (ERISA), “the court in its discretion may allow a reasonable attorney’s fee and costs of action to either party.” The discretion of a court to award fees is not unfettered. Reviewing the language in the ERISA statute, the...
|Does Your Retirement Plan Fiduciary Monitor Your Plan Investments?|
Antoinette M. Pilzner, Dale R. Vlasek, John M. Wirtshafter; McDonald Hopkins LLC;
May 25, 2015, previously published on May 20, 2015In its May 18, 2015, decision in Tibble v. Edison International (Tibble), the U.S. Supreme Court confirmed that the fiduciaries of a retirement plan have an ongoing duty to review the appropriateness of investment options offered to plan participants.
|Duty to Monitor Investments Extends Statute of Limitations for Fiduciary Breach Claim Says Supreme Court|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
May 22, 2015, previously published on May 20, 2015The Supreme Court has decided an important statute of limitations issue in an ongoing fiduciary breach case, Tibble v. Edison International. Tibble has attracted attention up to this point for its substantive claim: that plan fiduciaries breached their duty of prudence when they failed to use the...
|Supreme Court Instructs Ninth Circuit to Consider Common Law of Trusts in Applying ERISA's Statute of Limitations|
Wilson G. Barmeyer, Brenna M. Clark, Adam B. Cohen, Carol T. McClarnon, W. Mark Smith; Sutherland Asbill & Brennan LLP;
May 20, 2015, previously published on May 20, 2015The Supreme Court has once again emphasized the importance of ERISA’s origins in the common law of trusts, this time in interpreting its statute of limitations. On May 18, the Court reversed the Ninth Circuit’s decision in Tibble v. Edison1, which had held that a claim for breach of...
|ERISA Fiduciaries Must Continuously Monitor 401(k) Investment Choices|
Sandra Mills Feingerts, Tabatha L. George; Fisher & Phillips LLP;
May 20, 2015, previously published on May 18, 2015The U.S. Supreme Court has held unanimously that a plan fiduciary has a continuing duty to monitor investments offered under a 401(k) plan, a duty that is separate and apart from the duty to exercise prudence in selecting investments in the first place. The Court overturned a decision by the U.S....
|Pensions Ombudsman: Law Trumps Regulatory Guidance|
James Borshell, Elmer Doonan, Jay Doraisamy; Dentons Canada LLP;
May 20, 2015, previously published on April 30, 2015"Classic" pensions liberation involves transferring pension savings from a legitimate pension scheme to a scheme which provides access to those savings in a manner that is not permitted under a legitimate pension scheme and will lead to additional tax charges and penalties. The end result...