Travelers Can't Sue Co-Fiduciary: Court

Law360, New York (August 16, 2007, 12:00 AM EDT) -- An appeals court ruled on Wednesday that Travelers Casualty and Surety Company of America, which was found to have breached its fiduciary duties under the Employee Retirement Income Security Act in a separate case, could not sue its co-fiduciary Iowa Automobile Dealers Association Services Inc. for contributing to the breach.

Travelers brought the original lawsuit in an Iowa district court against IADA in 2005.

The case began when the U.S. Department of Labor launched an investigation into the company, eventually determining that IADA's retirement trust had...
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