The U.S. Supreme Court is poised to resolve a split between the Seventh and Eighth Circuits related to a federal program that is a well-kept secret. Nothing as intriguing as Russian spies or hacked emails… but, I think, interesting nonetheless. Of course, you have heard about the Social Security system. And you probably know … Continue Reading
The U.S. Supreme Court recently held that a fiduciary of an ERISA covered retirement plan has an ongoing duty to monitor the prudence of the plan’s investments. The decision is Tibble v. Edison International, 2015 U.S. LEXIS 3171 (May 18, 2015). In the case, Edison International had selected three “retail class” mutual funds for its … Continue Reading
For employers, the Hobby Lobby decision of the U.S. Supreme Court makes no attempt to define the scope and meaning of the term “closely held” corporation. The majority opinion stated that “the cases before us are closely held corporations, owned and controlled by members of a single family”. Is this ruling supposed to be limited … Continue Reading
The U.S. Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer eliminates an ESOP fiduciary’s presumption of prudence in relation to the holding employer securities. Many have viewed this decision with horror. However, my perspective is that the “revised” pleading standards articulated by the court will actually be a significant silver lining for ESOP fiduciaries. … Continue Reading
