News & Analysis as of

Prohibited Transactions

Verrill

Preparing for “Untoward Practical Results”—Implications and Action Items for ERISA Attorneys Following Cunningham v. Cornell...

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The U.S. Supreme Court’s recent decision Cunningham v. Cornell University, 145 S.Ct. 1020 (2025) significantly lowers the pleading standard for prohibited transaction claims under Section 406(a) of the Employee Retirement...more

Fisher Phillips

Workplace Law Update: 10 Essential Items on Your July To-Do List

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It’s hard to keep up with all the recent changes to labor and employment law, especially since the law always seems to evolve at a rapid pace. To ensure you stay on top of the latest changes and have an action plan for...more

Husch Blackwell LLP

Senate Version of One Big Beautiful Bill Act Clarifies Foreign Entity Restrictions on Renewable Energy Tax Credits

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The Senate Finance Committee recently released its own draft of the “One Big Beautiful Bill Act” (the Bill) previously passed by the House as H.R. 1. Both the House and Senate versions of the Bill impose restrictions on...more

Fisher Phillips

Retirement Plan Fiduciaries Must Adjust to New Era of ERISA Litigation: How a Recent SCOTUS Ruling and $39M Jury Award Changed the...

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A Supreme Court decision in April made it easier for plaintiffs to keep ERISA prohibited transaction claims in play longer, and just days later a rare ERISA trial resulted in a huge win for a class of 401(k) plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The whole problem with loans

When I draft a new 401(k) plan for a client, one of the first provisions I’ll recommend—including with some reluctance—is a loan feature. Not because I enjoy dealing with it. On the contrary, it’s an administrative pain. But...more

Bricker Graydon LLP

Don’t Forget About the IRS When Correcting Delinquent Plan Contributions

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Employers that do not timely deposit participant deferrals and loan contributions to their employer sponsored retirement plans can be subject to Department of Labor (DOL) penalties for breaching their fiduciary duties....more

Robinson Bradshaw

Lower Pleading Standard for 401(k) Plan Prohibited Transaction Suits

Robinson Bradshaw on

In its April 17 decision in Cunningham v. Cornell University, the U.S. Supreme Court established a plaintiff-friendly standard for ERISA prohibited transaction claims, resolving a circuit court split. As a result, plan...more

Carlton Fields

Considerations for Plan Sponsors in the Wake of Cunningham v. Cornell

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Excessive fee cases against plans governed by the Employee Retirement Income Security Act (ERISA) have been on the rise for the last decade. ERISA litigation is expanding with novel theories such as forfeiture litigation....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Do You Really Want to Be an ERISA Fiduciary?

Two recent class action lawsuits charging a breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA) have increased the stakes and raised important considerations regarding a plan fiduciary’s duty of...more

Pullman & Comley - Labor, Employment and...

Employee Benefit Plan Fiduciaries: Why Solid Fee Benchmarking Should Be On Your To-Do List

Certain transactions between employee benefit plans and “parties in interest” are prohibited under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ...more

Maynard Nexsen

Navigating Increased ERISA Litigation Risk Post-Cunningham: How to Protect Your Plan

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Under the Supreme Court’s recent decision in Cunningham v. Cornell University, No. 23-1007 (April 17, 2025), plaintiffs asserting that ERISA plan administrators engaged in prohibited transactions under ERISA Section 406 are...more

Baker Botts L.L.P.

SCOTUS Holds ERISA Requires No Additional Pleading Requirements beyond § 1106 Elements for Prohibited-Transaction Claims,...

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On April 17, 2025, the Supreme Court of the United States clarified the pleading requirements to bring a prohibited-transaction claim under the Employee Retirement Income Security Act of 1974 (“ERISA”) in Cunningham v....more

Eversheds Sutherland (US) LLP

Supreme Court lowers pleading standard for ERISA prohibited transaction claims

The US Supreme Court issued a unanimous decision on April 17, 2025 that could have a lasting impact on retirement plan litigation. The decision in Cunningham v. Cornell University clarifies that when plaintiffs bring...more

Holland & Knight LLP

2025 Revisions to the VFCP: Key Changes to Correction and Compliance Options

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Historically, the IRS' Employee Plans Compliance Resolution System (EPCRS) has provided employers structured options for correcting retirement plan failures. Under this framework, certain operational errors qualified for...more

Lowenstein Sandler LLP

Supreme Court Ruling Makes It Easier for Participants To Sue Plan Fiduciaries

Lowenstein Sandler LLP on

On April 17, the Supreme Court unanimously resolved a circuit split in Cunningham v. Cornell University, holding that plan participants need only allege that fiduciaries engaged in a “prohibited transaction” under the...more

Jackson Lewis P.C.

Supreme Court Clarifies ERISA Prohibited Transaction Pleading Standards

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On April 17, 2025, the U.S. Supreme Court, in a unanimous opinion, resolved a circuit split and established a plaintiff-friendly pleading standard for ERISA prohibited transaction claims in Cunningham v. Cornell University,...more

ArentFox Schiff

Navigating the DOJ’s New Data Transfer Rule: Implications and Compliance Requirements

ArentFox Schiff on

On January 8, the US Department of Justice (DOJ) issued a final rule under Executive Order 14117, which established the Rule Preventing Access to US Sensitive Personal Data and Government-Related Data by Countries of Concern...more

White & Case LLP

DOJ Issues Guidance on Bulk Sensitive Data Rules

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On April 11, 2025, the Department of Justice (DOJ) issued guidance (Guidance) to assist individuals and entities in coming into compliance with its final rule, referred to as the "Data Security Program" (DSP Rule), which...more

Littler

The Supreme Court Relieves ERISA Plaintiffs of a Pleading Requirement: What’s Next for ERISA Plan Fiduciaries?

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On April 17, 2025, the U.S. Supreme Court issued a decision that dealt a blow to benefit plan fiduciaries nationwide. The Court unanimously held in Cunningham v. Cornell University that a plaintiff asserting that a plan and...more

Husch Blackwell LLP

Supreme Court Decision Means Defense of ERISA Prohibited Transaction Claims Just Got More Difficult and More Protracted

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On April 17, 2025, the Supreme Court decided Cunningham v. Cornell University, unanimously holding that a plaintiff can state a valid claim under ERISA by merely alleging that a plan used “plan assets” to pay a service...more

The Volkov Law Group

Practical Issues and the New DSP (Part II of III)

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Like any new regulatory and enforcement scheme, companies face a number of new risks that require understanding.  The DSP framework is new, comprehensive and raises significant risks and requires careful design and...more

Holland & Knight LLP

Supreme Court Ruling Eases Path for ERISA Prohibited Transaction Claims

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The U.S. Supreme Court on April 17, 2025, issued a greatly anticipated decision in which the justices unanimously held that plaintiffs alleging a prohibited transaction under Section 1106(a)(1)(C) of the Employee Retirement...more

Miller Canfield

ERISA in the Supreme Court: Implications of Cunningham v Cornell University

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On April 17, 2025, the U.S. Supreme Court issued a unanimous opinion in Cunningham v Cornell University, addressing the pleading standard applicable to prohibited transaction claims under the Employee Retirement Income...more

Venable LLP

Supreme Court Endorses Plaintiff-Friendly Prohibited Transaction Pleading Standard

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On April 17, 2025, the Supreme Court resolved a circuit split on the appropriate pleading standard for a specific type of prohibited transaction claim under ERISA. While that decision may sound dry and technical, the...more

Goodwin

Supreme Court Decides Pleading Standard to Allege ERISA Prohibited-Transaction Claims, Favoring Plaintiffs

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Key takeaway: The Supreme Court held that to state an ERISA prohibited-transaction claim under 29 U.S.C. § 1106(a), a plaintiff needs only to plausibly allege the elements contained in § 1106(a) itself and does not need to...more

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