The plaintiffs in a defined contribution plan fiduciary breach case have filed a petition with the Supreme Court asking the justices to reconcile conflicting lower-court rulings and set a single standard to rule on plan sponsors' fiduciary obligations to plan enrollees.
The petition, filed on behalf of the plaintiffs in Tussey vs. ABB Inc., says that the 8th Circuit Court of Appeals recently "deepened an acknowledged conflict in the circuits regarding the standard for reviewing an ERISA fiduciary's compliance with its statutory duties of prudence and loyalty."
Circuit courts have been divided in asserting the standards used to measure when a plan fiduciary's duties have been breached.
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