Individuals, Not Just Pensions, Can Bring ERISA Suits

Law360, New York (January 28, 2008, 12:00 AM EST) -- An appeals court ruled on Monday that two doctors could sue a bank for breach of fiduciary duty under the Employee Retirement Income Securities Act individually, rather than on behalf of their pension plan.

The plaintiffs, Toledo doctors David Tullis and Michael Mack, were both members of the Toledo Clinic Employees’ 401(k) Profit Sharing Plan, an ERISA-governed defined contribution plan.

The defendant, UMB Bank NA, acted as trustee for the plan. Tullis and Back sued the bank in 2006, saying that it had known about fraud...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.