The Subordination Of ERISA Claims In Bankruptcy

Law360, New York (April 16, 2010, 12:46 PM EDT) -- Although by its terms Section 510(b) of the Bankruptcy Code is limited to subordination of claims directly related to the purchase or sale of a security of a debtor, courts have interpreted the statute more broadly.

This expansive interpretation is evident in decisions involving breach of fiduciary duty and related claims arising under the Employment Retirement Income Security Act of 1974. Even though not directly arising from the purchase or sale of a debtor’s security, courts — relying on “casual link” and "risk allocation” concepts developed...
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