9th Circ. Flips ERISA Ruling To Favor Transamerica

Law360 (February 23, 2018, 8:23 PM EST) -- A Ninth Circuit panel ruled Friday that Transamerica was not a fiduciary to a class of investors when the company negotiated terms with their employers to manage their retirement plans, effectively dismissing claims that Transamerica violated ERISA by charging certain fees and revenue sharing with fund managers.

Transamerica Life Insurance Co. had asked a California federal court to toss the suit for the same reasons in May 2012, only to be denied on the grounds that the Employee Retirement Income Security Act applied fiduciary duties as...
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Case Title

SANTOMENNO et al v. TRANSAMERICA LIFE INSURANCE COMPANY et al


Case Number

2:12-cv-02782

Court

California Central

Nature of Suit

Labor: E.R.I.S.A.

Judge

Dean D. Pregerson

Date Filed

March 30, 2012


Case Title

Jaclyn Santomenno v. Transamerica Life Ins. Co.


Case Number

16-56418

Court

Appellate - 9th Circuit

Nature of Suit

3791 Employee Retirement

Date Filed

September 27, 2016

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