Berkshire Unit Beats ERISA Suit Over 'Extremely Risky' Fund

Law360 (June 19, 2019, 3:40 PM EDT) -- A Nebraska federal judge has tossed a proposed class action accusing a Berkshire Hathaway subsidiary of violating the Employee Retirement Income Security Act by keeping a risky mutual fund as a retirement plan investment option, concluding the company had adequately monitored the fund's performance.

In his order Tuesday, U.S. District Judge John M. Gerrard granted National Indemnity Co.'s motion to dismiss the suit questioning the company's retention of the Sequoia Fund in its retirement plan. The plan participant leading the suit, Marc J. Muri, failed to show that National Indemnity breached its duties of loyalty and prudence to the plan, the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related

Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Nebraska

Nature of Suit

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

Judge

Subscribers Only

Date Filed

May 26, 2017

Law Firms

Companies

Judge Analytics