American Air Beats Ex-Workers' 401(k) Investment Option Suit
Law360 (August 6, 2020, 11:50 AM EDT) -- American Airlines has defeated an ERISA suit alleging its 401(k) plan offered an investment option that benefited the company more than workers, with a Texas federal judge quashing claims that American failed to look out for workers' best interests.
U.S. District Judge John McBryde granted motions for summary judgment Wednesday from American Airlines, its retirement plan administration committee and the American Airlines Federal Credit Union.
His decision sunk allegations that the airline's inclusion of an investment option run by the credit union in its 401(k) plan constituted a breach of fiduciary duty under the Employee Retirement Income Security Act.
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!