News & Analysis as of

Employee Retirement Income Security Act (ERISA) Fiduciary Duty Supreme Court of the United States

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

DRI

What Is the Future of Monetary Relief under ERISA, Section 502(a)(3)?

DRI on

The Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, regulates virtually every private employee benefit program in the United States. Among other things, ERISA contains its own civil enforcement section,...more

Morgan Lewis - ML Benefits

Impact on ERISA Regulation if Supreme Court Throws Chevron Deference Overboard

The US Supreme Court heard arguments on January 17 in Relentless v. Department of Commerce and Loper Bright Enterprises v. Raimondo. In both cases, a commercial herring fishing company challenged a regulatory requirement that...more

Foley & Lardner LLP

Does the Supreme Court’s Analysis in Thole v U.S., Bank, N.A. Apply to Welfare Benefit Plans?

Foley & Lardner LLP on

In Thole v. U.S. Bank, N.A., 140 S Ct. 1615 (2020), the Supreme Court, in a five to four decision authored by Justice Kavanaugh, held that participants in an ERISA defined benefit pension plan did not have standing under...more

Proskauer Rose LLP

Individual Arbitration of ERISA Breach of Fiduciary Duty Claims – Is it Possible and, if So, Is It Worth It?

Proskauer Rose LLP on

As plan sponsors and fiduciaries cope with the increased volume of class action Employee Retirement Income Security Act (ERISA) lawsuits, some have considered the prospects of reducing their exposure through arbitration...more

Proskauer - Employee Benefits & Executive...

Northwestern University’s Alternative Explanations Not Strong Enough To Defeat ERISA Excessive Fee Claims

On remand from the U.S. Supreme Court, the Seventh Circuit issued its opinion in Hughes v. Northwestern University, concluding that participants in two Northwestern 403(b) plans plausibly pled fiduciary-breach claims based on...more

Proskauer - Employee Benefits & Executive...

Seventh Circuit Provides Hope for ERISA Plan Sponsors and Fiduciaries Defending Investment Fee & Performance Litigation

The Seventh Circuit recently provided a ray of sunshine in what has largely been a gloomy stretch for plan sponsors and fiduciaries defending ERISA breach of fiduciary duty claims based on allegedly excessive investment and...more

Proskauer - Employee Benefits & Executive...

Seventh Circuit Affirms Dismissal of ERISA Stock-Drop Case

Since the Supreme Court’s ruling in Fifth Third Bancorp v. Dudenhoeffer, courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments...more

Fisher Phillips

SCOTUS Review: 8 Key Rulings from Last Term that Impact the Workplace and 3 Issues We’re Watching

Fisher Phillips on

Many employers looked to the Supreme Court last term for clarity in cases with a significant impact on the workplace. The justices continued to shape the employment law landscape by ruling on an array of issues involving...more

Jackson Lewis P.C.

Supreme Court to Consider Interplay of ERISA and Local “Play-or-Pay” Laws

Jackson Lewis P.C. on

The Employee Retirement Income Security Act of 1974 (“ERISA”) aims to balance the dual policies of (1) ensuring fair and prompt enforcement of rights under employee benefit plans, and (2) encouraging the creation of such...more

Stoel Rives LLP

ERISA Litigation Update: ERISA Fiduciary Duty of Prudence: Fees and Monitoring Investment Options

Stoel Rives LLP on

Briefed - - Lawsuits targeting ERISA fiduciaries and sponsors are skyrocketing. - A recent SCOTUS decision confirmed duty of prudence requires the fiduciary to monitor plan investment options and remove imprudent...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Supreme Court backs plan participants in big ERISA case

The Supreme Court told defined contribution sponsors Monday that they have to monitor all investments in plans’ lineups rather than leave the analysis to participants....more

Shumaker, Loop & Kendrick, LLP

Plan Sponsors on Alert After Recent Supreme Court Decision

On January 24, 2022, the U.S. Supreme Court handed down an important decision affecting plan fiduciaries who select investment options available to participants in a self-directed employee retirement plan (such as a 401(k)...more

Patterson Belknap Webb & Tyler LLP

SCOTUS ERISA Fee Litigation Update: Hughes et al. v. Northwestern University

On January 24, 2022, in a rare, unanimous 8-0 decision (Justice Barrett recused herself from the case), the Supreme Court of the United States (the “Supreme Court”) vacated a Seventh Circuit affirmation of the dismissal of...more

Venable LLP

Supreme Court Reinstates ERISA Class Action Alleging Imprudent 403(b) Plan Management

Venable LLP on

The Supreme Court recently issued a unanimous decision reinstating an ERISA class action against fiduciaries of Northwestern University's 403(b) retirement plans. In Hughes v. Northwestern University, the petitioners alleged...more

Holland & Knight LLP

Supreme Court Stresses Importance of Ongoing Monitoring of All ERISA Plan Investment Options

Holland & Knight LLP on

In Hughes v. Northwestern University, current and former participants in Northwestern University's defined-contribution retirement plans filed litigation on behalf of the plans' participants asserting that the University, its...more

Dorsey & Whitney LLP

Supreme Court Give Plaintiffs a Narrow Win in 401(k) Fee Case

Dorsey & Whitney LLP on

Since the first round of cases were filed in 2006, plaintiffs’ counsel have raised hundreds of lawsuits challenging the prudence of fees and investments in 401(k) plans. One of the critical issues in those cases is what needs...more

Mintz - Employment Viewpoints

Hughes v. Northwestern University: Lessons for Retirement Committees and Other Fiduciaries

The Supreme Court recently handed down its much-anticipated decision in Hughes v. Northwestern University. The question before the Court is whether the petitioners – current and former participants in two retirement plans...more

Burns & Levinson LLP

ERISA Fiduciary Prudence Does Not Necessarily Reflect Modern Portfolio Management - ERISA Prudence And Hughes V. Northwestern...

Burns & Levinson LLP on

The U.S. Supreme Court recently heard arguments in Hughes v. Northwestern University, in which the Seventh Circuit Court of Appeals had rejected claims that the fiduciaries of two defined contribution retirement plans at...more

ArentFox Schiff

As It Mulls Whether To Grant Cert in ERISA Case on PBM Fiduciary Liability, Supreme Court Seeks Government's Input

ArentFox Schiff on

In December, the Supreme Court requested that U.S. Solicitor General Elizabeth Prelogar file a brief in John Doe 1 v. Express Scripts Inc., weighing in on whether the Court should hear a case about prescription drug costs. If...more

Bond Schoeneck & King PLLC

Supreme Court Considers Breach by Plan Fiduciaries

On Jan. 24, 2022, the U.S. Supreme Court reached a unanimous decision, overturning the Seventh Circuit’s dismissal of participants’ claims that fiduciaries breached their duty of prudence – sending the case back to the...more

ArentFox Schiff

Supreme Court Unanimously Vacates Seventh Circuit ERISA Investment Fees Case

ArentFox Schiff on

With nearly 150 similar class action lawsuits pending nationwide, the ruling is a win for the ERISA plaintiff's bar, potentially supporting their expansive view of plan fiduciaries' duty to monitor investments. As...more

Jackson Lewis P.C.

Private Equity Investments In 401(K) Plans – The DOL Says Not So Fast

Jackson Lewis P.C. on

Hot button ERISA fiduciary issues remain a focus for investment committees of 401(k) plans in 2022. From “excessive” fee litigation – including litigation over the duty to monitor the fees charged by various mutual funds...more

Fisher Phillips

The Top 14 Workplace Law Stories from January 2022

Fisher Phillips on

It’s hard to keep up with all the recent changes to labor and employment law. While the law always seems to evolve at a rapid pace, there have been an unprecedented number of changes for the past few years—and this past month...more

McAfee & Taft

Unanimous Supreme Court holds retirement plan fiduciaries must monitor and remove all imprudent investment options

McAfee & Taft on

Last week, on January 24, the U.S. Supreme Court issued its much-anticipated decision in Hughes v. Northwestern University, unanimously holding that retirement plan fiduciaries have a duty to continuously monitor retirement...more

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