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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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
