High Court Ruling Leaves Confusion Over 401(k) Monitoring
Law360, New York (May 18, 2015, 9:07 PM EDT) -- The U.S. Supreme Court’s decision in a case accusing Edison International of imprudently investing its workers’ 401(k) funds has made clear that plan fiduciaries have to monitor plans continuously, but attorneys say the court wasn’t specific enough about what that obligation actually entails.
The high court’s eight-page decision Monday unanimously vacated a Ninth Circuit ruling that Edison workers’ $373 million Employee Retirement Income Security Act claims were time barred. The justices said the appeals court incorrectly applied the statutory bar based solely on the initial selection of the mutual funds at issue without considering the specifics of the alleged breach of...
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