ERISA Co-Fiduciaries Can Bring Indemnity Claims, Judge Says

Law360, New York (November 6, 2012, 3:19 PM EST) -- A Florida federal judge ruled Monday that administrators of Employee Retirement Income Security Act pension plans have a common-law right to seek contribution or indemnity from co-fiduciaries, siding with Community National Bank Corp. in a class action over its decision to invest employee earnings into the bank's slumping stock.

U.S. District Judge James S. Moody Jr. refused to dismiss CNB's counterclaim for contribution brought against named plaintiffs Jean Mattes, Lisa Brusger and Carolyn Bartlett, who were members of an employee committee that helped administer the plan....
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