4 Duty-To-Monitor Takeaways For Fiduciaries In ERISA Ruling
By Charles Kelly and Michael Joyce (November 19, 2019, 4:11 PM EST) -- The U.S. District Court for the Western District of Pennsylvania recently provided much-needed guidance and clarity on the largely unexplored duty of Employee Retirement Income Security Act fiduciaries to monitor their service providers. The so-called duty to monitor is an implied responsibility under the ERISA statutory scheme.
As a necessary companion to the fiduciary duty to exercise reasonable care in choosing third-party service providers, such as professional investment managers, ERISA fiduciaries are also subject to an ongoing duty to monitor and, if necessary, remove underperforming providers.
In the case, Scalia v. WPN Corp., the U.S. Department of Labor sued a number of parties,...
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