Insurers, Brokers Not ERISA Fiduciaries: Judge

Law360, New York (January 15, 2008, 12:00 AM EST) -- A district court judge has shot down a class action claiming that a group of insurance brokers and providers violated the Employee Retirement Income Security Act when they conspired to block competition and shell out kickbacks.

Judge Garrett Brown Jr. said on Monday that he was not persuaded by the plaintiffs' claims that by colluding with a network of brokers to allocate and fix their employee benefit plans' insurance business in exchange for hidden commissions, the defendants breached their fiduciary responsibilities under ERISA.

“We agree with...
To view the full article, register now.