Daniel Condon

Daniel Condon

Goodwin Procter LLP

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Second Circuit Affirms Dismissal of Stock Drop Challenge on Grounds Unrelated to Moench

Prior to the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, the central issue in nearly every case alleging the imprudent investment of plan assets in employer stock has revolved around whether plan...more

7/2/2014 - ERISA ESOP Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Moench Presumption SCOTUS Stock Drop Litigation

Ninth Circuit Holds that Monetary “Make-Whole” Relief Is Not Available Absent Loss to Plan or Unjust Enrichment for Defendant...

A Ninth Circuit panel recognized that reformation, equitable estoppel and surcharge were among the “appropriate equitable relief” potentially available under Section 502(a)(3) of ERISA (following dictum in CIGNA Corp. v....more

7/2/2014 - CIGNA CIGNA v Amara Equitable Estoppel Equitable Surcharge ERISA Make-Whole Doctrine reformation

Seventh Circuit Reverses Summary Judgment in Case Applying ERISA’s Statute of Limitations

A Seventh Circuit panel declined to apply ERISA’s three-year statute of limitations to bar fiduciary claims in a case arising out of a buy-out transaction involving an employee stock ownership plan. The court held that the...more

7/1/2014 - Appeals Buy-Out Agreements ERISA ESOP Fiduciary Duty Fiduciary Liability Statute of Limitations

Sixth Circuit Addresses Plan Assets and Limitations Issues in Holding Service Provider’s Fee Assessments Constituted Self-Dealing

The Sixth Circuit held in Hi-Lex Controls, Inc. v. Blue Cross and Blue Shield of Michigan that a service provider was liable as a fiduciary under ERISA for unauthorized fees it assessed against a self-funded health plan. In...more

7/1/2014 - Blue Shield ERISA Fees Fiduciary Liability Fraud Plan Administrators Self-Dealing Self-Funded Health Plans Statute of Limitations

Supreme Court Rules No “Presumption of Prudence” for Employer Stock Plan Fiduciaries

In a decision that could have significant implications for certain companies and their 401(k) and other plans that invest in employer stock, the Supreme Court ruled, in Fifth Third Bancorp v. Dudenhoeffer, that there is no...more

6/30/2014 - ERISA ESOP Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Fifth Third Mortgage Company SCOTUS Stock Drop Litigation

District Court Relies on Fee Disclosure Regulation to Dismiss Complaint

A federal district court in New York last month dismissed a class action complaint brought by a company sponsoring a 401(k) plan. The plaintiff, in Skin Pathology Associates v. Morgan Stanley, alleged, among other claims,...more

3/25/2014 - 401k Class Action Disclosure DOL Fees Morgan Stanley

In Fuller, Eleventh Circuit Affirms Dismissal of Claims Challenging Financial Services Company’s Use of Proprietary Products in...

In a recent Eleventh Circuit case challenging, under ERISA, the use of proprietary funds in a financial services company’s own retirement plan, the court affirmed dismissal of the claims. It held, in Fuller v. SunTrust...more

3/25/2014 - ERISA Retirement Plan Statute of Limitations

In Tiblier, Fifth Circuit Holds Investment Advisor Was Not a Fiduciary With Respect to Investment that Resulted in Plan Losses

The Fifth Circuit ruled last month that a plan investment advisor could not be held liable under ERISA for plan losses as a result of an investment, where the advisor did not act as a fiduciary with respect to that...more

3/24/2014 - Breach of Duty ERISA Fiduciary Duty Fiduciary Liability Investment Adviser

In Tussey, Eighth Circuit Weighs in on Excessive Fee Claims

The Eighth Circuit issued a highly anticipated decision yesterday in the appeal of the first ERISA excessive fee class action to proceed to a trial on substantially all of the pleaded claims. In Tussey v. ABB, the court...more

3/24/2014 - Benefit Plan Sponsors Employee Benefits ERISA Fees

IRS Releases FAQs on Cafeteria Plan Benefits for Same-Sex Spouses Post-DOMA

The Internal Revenue Service has released a series of FAQs to answer several outstanding questions following the U.S. Supreme Court’s ruling in Windsor, which struck down Section 3 of the Defense of Marriage Act. The most...more

1/10/2014 - Cafeteria Plans DOMA Employee Benefits Healthcare Income Taxes IRS Same-Sex Marriage SCOTUS W-2

Supreme Court Upholds Enforcement of Plan Document Limitations Period for Benefit Claims

In a decision handed down yesterday, Heimeshoff v. Hartford Life & Accident Insurance Co., the Supreme Court confirmed that ERISA plan documents may prescribe an enforceable limitations period for the assertion of benefits...more

12/18/2013 - Claims Limitations Period ERISA Heimeshoff v. Hartford Life & Accident Insurance Co. SCOTUS Statute of Limitations

Solicitor General Urges Supreme Court to Address Plan Investment in Company Stock

The U.S. government, through a brief submitted by the Solicitor General, is urging the U.S. Supreme Court to consider clarifying when a plaintiff may state a claim against plan fiduciaries for the continued holding of...more

12/16/2013 - ERISA Retirement Plan SCOTUS Solicitor General Stocks

Sixth Circuit Allows Expansive Remedies by Awarding Both Disgorgement of Profits and Benefits

In a 2-1 decision, a Sixth Circuit panel, in an expansive view of the remedies available under ERISA, affirmed a district court decision allowing a plaintiff to both recover disability benefits under ERISA § 502(a)(1)(B) and...more

12/16/2013 - Disability Disgorgement Equitable Relief ERISA

Courts Disagree over Jury Trial Right in ERISA Fiduciary Cases

Federal district courts in Missouri and Vermont have come to opposite conclusions regarding a right to jury trial with respect to fiduciary breach claims brought under ERISA section 502(a)(2). Applying the Supreme Court’s...more

12/16/2013 - Breach of Duty ERISA Fiduciary Duty

IRS and SSA Announce Dollar Limits and Thresholds for 2014

The Internal Revenue Service and Social Security Administration have announced cost-of-living adjustments to the dollar limits on contributions made to, and benefits under, tax-favored retirement and benefits plans, and other...more

11/8/2013 - COLA Employee Benefits Employer Contributions HSA IRS Retirement Plan Social Security Social Security Adminstration

IRS Modifies “Use-It-Or-Lose-It” Rule for Health Flexible Spending Arrangements under Cafeteria Plans

On October 31, the IRS modified the “use-it-or-lose-it” rule for health flexible spending arrangements, allowing up to $500 of unused amounts to be carried forward and used for payment or reimbursement of qualified medical...more

11/8/2013 - Cafeteria Plans Flexible Spending Accounts Healthcare IRS

Section 125 Cafeteria Plan Requirement for Massachusetts Employers Ends

Massachusetts recently announced that, due to federal rules under the Affordable Care Act, it will cease enforcement of its Section 125 cafeteria plan requirement for Massachusetts employers. Under that requirement, employers...more

11/5/2013 - Affordable Care Act Cafeteria Plans Health and Welfare Plans Health Insurance Healthcare

In Abbott, Seventh Circuit Refines Applicability of Class Action Device in Defined Contribution Challenge

In its continuing analysis of when a class may be certified in a case alleging breach of fiduciary duties with respect to a defined contribution plan, the Seventh Circuit, in Abbott v. Lockheed Martin Corporation, reversed...more

9/30/2013 - 401k Boeing Class Action Class Certification Defined Contribution Plans ERISA Fees Fiduciary Duty Lockheed Martin Standing

In Edmonson, Third Circuit Affirms Summary Judgment for Insurer in Retained Asset Account Case

In one of many cases challenging the use of retained asset accounts in group insurance benefit plans, the Third Circuit, in Edmonson v. Lincoln National Life Insurance Company, affirmed summary judgment for the defendant...more

9/30/2013 - Breach of Duty ERISA Fiduciary Duty Life Insurance Lincoln National Life Insurance Company Retained Asset Accounts

In Pipefitters, Sixth Circuit Holds Service Provider Is Fiduciary in Assessing Fee

Speed Read - The Sixth Circuit, in a unanimous decision, affirmed a lower court ruling in Pipefitters Local 636 Insurance Fund v. Blue Cross and Blue Shield of Michigan, holding that an entity providing services to a...more

9/26/2013 - ACS Blue Cross ERISA Fiduciary Duty Health Insurance Self-Funded Health Plans

HIPAA and Affordable Care Act Compliance Deadlines Approaching for Employers

New HIPAA privacy rules come into effect September 23 and an Affordable Care Act (“ACA”) notice must be distributed to employees by October 1. In addition, as a result of ACA requirements that become effective January 1,...more

9/20/2013 - Affordable Care Act Cafeteria Plans Health Insurance Exchanges HIPAA HIPAA Omnibus Rule Marketplace Notice

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