5 ERISA Takeaways From High Court's US Bank Decision
By Michael Joyce (June 2, 2020, 3:49 PM EDT) -- In a 5-4 decision in Thole v. U.S. Bank, the U.S. Supreme Court significantly limited, to the point of almost extinction, the ability of a participant in a defined benefit retirement plan to institute litigation under the Employee Retirement Income Security Act to combat mismanagement by plan fiduciaries.
This decision will impart converse ripple effects throughout the defined benefit universe — plan participants will shudder because they are blocked from instituting legal action in the majority of situations, while plan fiduciaries will celebrate the added immunity from suits. The decision had a similar, divergent impact on the justices as a blistering...
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