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Sixth Circuit Upholds Venue Selection Clause in Pension Plan

The U.S. Court of Appeals for the Sixth Circuit upheld a pension plan’s venue selection clause and affirmed dismissal of the participant’s claims for benefits on the ground that such claims were not filed in the authorized...more

Ninth Circuit Applies Fifth Third v. Dudenhoeffer to Reverse Dismissal of Stock Drop Case

Speed Read - The Ninth Circuit becomes the first appellate court to interpret the Supreme Court’s Fifth Third v. Dudenhoeffer holding. In its ruling, the Ninth Circuit held that participants can maintain a claim...more

Filing a Knee-Jerk Counterclaim Can Make a Bad Problem Worse

In today’s litigious world, it is all too common for a disgruntled former business partner to file a lawsuit based on legally weak, if not outright frivolous, claims of wrongdoing. One common reaction is to fight fire with...more

How to Settle an ERISA Breach of Fiduciary Duty Case and Sleep at Night: A Checklist for Plan Trustees to Consider

Plan trustees often look to settle ERISA fiduciary breach claims brought against them as a way to put the past behind them. Assuming there is enough fiduciary liability insurance coverage available to pay the proposed...more

Insurer Agrees to $140 Million Settlement in ERISA Case Challenging Revenue Sharing Practices

Nationwide Life Insurance Co. has agreed to settle ERISA fiduciary breach claims brought on behalf of a class of retirement plan trustees that purchased annuity contracts and/or services from Nationwide for their plans....more

Ninth Circuit Breathes Life Into Participant’s Claim for Surcharge

A panel of the Ninth Circuit withdrew its earlier opinion and has now joined other circuits in finding that the equitable remedy of surcharge is available for participants seeking recovery of personal losses as opposed to...more

Three Nike Employees Perpetrate Massive Theft of Trade Secrets then Bolt for Adidas

Nike has sued three former employees who left to work for Adidas. The company is suing for everything imaginable: Breach of contract, theft of trade secrets, fraud, conspiracy and more. In a fifty page Complaint, the athletic...more

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

Arizona Supreme Court Holds the Arizona Uniform Trade Secrets Act Does Not Preempt Tort Claims Based on Misappropriation of...

On November 19, 2014, the Arizona Supreme Court ruled in Orca Communications Unlimited, LLC v. Noder that the Arizona Uniform Trade Secrets Act (AUTSA) does not preempt common law tort claims for misappropriation of...more

Court Rejects Fiduciary Duty Breach by Claims Administrator Acting on Behalf of Plan Sponsor

In the recently decided matter of Van Loo, et al. v. Cajun Operating Company, et al., No. 2:2014cv10604 (E.D. Mich. 2014), the U.S. District Court for the Eastern District of Michigan rejected allegations of a fiduciary duty...more

U.S. Supreme Court to Decide ERISA Statute of Limitations Case

ERISA Section 413 generally sets forth a six year statute of limitations for bringing claims for fiduciary breach. On October 2, 2014, the Supreme Court granted certiorari in Tibble v. Edison International to decide whether a...more

District Courts Continue to Reject the Ninth Circuit’s Limitation on Surcharge

We previously reported that the Ninth Circuit stands alone in expressly limiting the availability of surcharge to cases involving loss to, or unjust enrichment at the expense of, the plan (as opposed to being available to a...more

Defined Benefit Plan Participants Have Standing to Pursue Fiduciary Breach Claims

A federal district court in Minnesota found that participants in a defined benefit pension plan had standing to assert claims that defendants breached their fiduciary duties by, among other things, shifting to an...more

Arizona Trade Secrets Grow New Teeth

Over the last 18 months, the courts had diluted Arizona trade secret protections, notwithstanding the recent criminalization of trade secret theft by the AZ legislature. Today, however, the Arizona Supreme Court breathed new...more

Running Interference: S.D.N.Y. Lays Out Standards for Tortious Interference in Dispute Between Watchmaker and Former Employees

The U.S. District Court for the Southern District of New York recently cleared the way for a Michigan watchmaker to pursue claims for trade secret misappropriation, among other things, against two former employees who left to...more

The ERISA Litigation Newsletter

Editor's Overview - As it is well known, in Cigna Corp. v. Amara, 131 S. Ct. 1866 (2011), the U.S. Supreme Court identified several forms of appropriate equitable relief that may be available under Section 502(a)(3) of...more

Illinois Supreme Court Agrees to Return to Pension Debates

In the closing days of its September term, the Illinois Supreme Court agreed to return once again to what surely must be the most controversial subject at the moment in all of Illinois’ civil law: public pensions. Matthews v....more

Watch For A New Wave Of ERISA Stock Drop Cases

Plan fiduciaries may create a fiduciary duty in stock drop cases by incorporating filings with the Securities and Exchange Commission into the Summary Plan Description. We have been waiting for the Ninth Circuit to...more

Omnicare Court Ponders Two Middle Paths: One Rocky, One Smooth

Monday’s oral argument before the Supreme Court in Laborers District Counsel Construction Industry Pension Fund v. Omnicare, Inc., (“Omnicare”) was remarkable in that, as Omnicare attorney Kannon Shanmugam noted, it was the...more

Believe It or Not? In Omnicare, the Supreme Court Considers the Standard of Liability for Statements of Opinion

Americans take as given the right to hold and express opinions. So it may come as a surprise to many that the federal securities laws impose civil liability for statements of opinion. It may be even more surprising that...more

Where Did My Customer Go? Some Pleading Parameters for Tortious Interference

A Federal court in New York recently provided some pleading parameters for employers for claims of tortious interference with business relations....more

Disciplinary Proceedings and the Duty of Care

In Coventry University v Mian [2014] EWCA Civ 1275, the Court of Appeal considered whether an employer had breached its duty of care by commencing disciplinary action against an employee on the basis of a preliminary, rather...more

To Catch an E-Thief — Under Federal Property Law

As businesses move away from paper documents, courts are poised to broaden ‘conversion’ definition. The fundamental shift for busi­nesses in the past 15 years from paper documents to computer data has forced the courts...more

Blog: Study Shows Whistleblower Complaints Lead To Increased Penalties And Likelihood Of Enforcement

An academic study, first reported by the WSJ, concludes that, in regulatory enforcement actions brought by the SEC and DOJ alleging financial misrepresentation, employee whistleblowers have a consequential impact on...more

New Strings Attached: LinkedIn Contacts Are Now Trade Secrets?

From a birds-eye view, Cellular Accessories For Less, Inc. v. Trinitas, LLC appears to be a typical dispute between an employer and its former employee. However, a closer look reveals an issue new to the world of trade...more

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