High Court Hears Argument In ERISA Fiduciary Case

Law360, New York (April 23, 2007, 12:00 AM EDT) -- An attorney for the bankrupt sponsor of a pension plan told the Supreme Court Tuesday that the decision to terminate the plan by buying an annuity was a sponsor decision and not a fiduciary one.

During oral argument, M. Miller Baker of McDermott Will & Emery LLP, who is representing bankrupt paper-mill operator Crown Vantage Inc., told the High Court that Crown did not have a fiduciary duty to consider a merger proposal by labor union PACE.

Instead, he said the company did the right thing...
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