When a federal judge in California recently dismissed a claim against fiduciaries of Chevron Corp.’s $19 billion 401(k) plan, investment managers who double as plan record-keepers no doubt breathed a sigh of relief.
Judge Phyllis Hamilton granted Chevron’s motion to dismiss for a second time. The plaintiffs in White, et al., v. Chevron Corp amended their original complaint, which was first dismissed in August of 2016.
As she did in her first ruling last year, Hamilton found that the plaintiffs failed to provide sufficient facts to back six allegations brought against the plan, which included claims that plan fiduciaries breached their duties of loyalty and prudence under the Employee Retirement Income Security Act.
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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.
