ERISA Self-Dealing Rules Clarified As GE Suit Rolls Along
Law360 (October 30, 2019, 8:51 PM EDT) -- A Massachusetts federal judge on Wednesday denied General Electric Co.’s attempt to scrap her decision to allow a claim that GE improperly invested workers’ retirement savings in subpar company-affiliated funds, clarifying the scope of an exemption to federal benefits law’s self-dealing rules.
The Employee Retirement Income Security Act’s Prohibited Transaction Exemption 77-3 still can’t apply to the company because workers leading the proposed class action successfully pled a fiduciary-breach claim under ERISA that alleges substantial self-dealing tied to a 2016 deal with State Street Corp., U.S. District Judge Indira Talwani said.
“Plaintiffs have alleged that beyond merely investing in in-house funds...
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!