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...
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