ERISA Doesn't Shield Tyco From Fraud Action: Judge

Law360, New York (April 6, 2009, 12:00 AM EDT) -- A judge has ruled that Tyco International Ltd. can't rely on an Employee Retirement Income Security Act provision that shields fiduciaries against liabilities from retirement plan losses stemming from beneficiaries' control over their assets, in a class action that is part of multidistrict litigation alleging a massive accounting fraud at Tyco.

Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire on Friday granted the plan participants' motion for summary judgment that Tyco couldn't use ERISA Section 404(c) as an affirmative defense....
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