A federal judge in Massachusetts last week denied the insurer’s motion to dismiss ERISA claims challenging retained asset account practices. Luitgaren v. Sun Life Assurance Company of Canada, et al., No. 1:09-cv-11410-NG. (Please click here for the order.)
Plaintiff brought a putative class action on behalf of beneficiaries of ERISA life insurance plans who received their benefits from Defendants through retained asset accounts. Plaintiff alleged that Defendants breached fiduciary duties in violation of section 404(a) of ERISA (29 U.S.C. § 1104(a)) by investing retained assets for their own benefit. Plaintiff also alleged that the retained assets constituted plan assets within the meaning of ERISA and that Defendants’ investment of those assets constituted prohibited transactions in violation of section 406(b)(1) of ERISA (29 U.S.C. § 406(b)(1)).
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