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Supreme Court To Decide ERISA Fiduciary Case

Law360 (January 24, 2007, 12:00 AM EST) -- The U.S. Supreme Court has decided to weigh in on whether the bankrupt sponsor of a pension plan violated its fiduciary duty under federal law when it decided to cease the plan by buying an annuity, rather than merge it with another.

In granting certiorari on Jan. 19, the Court agreed to review a decision by the U.S. Court of Appeals for the Ninth Circuit, which ruled a sponsor violated the Employee Retirement Income Security Act by not thoroughly investigating a proposed plan merger.

A decision...
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