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Arthur Andersen Case Highlights Need for Strict Compliance with Liability Insurance Notice Procedures by Fiduciaries (PDF)
Proskauer Rose LLP 
[Guidance Overview] May 16, 2008
At page 2. Excerpt: The Seventh Circuit recently provided a stark reminder to ERISA plans and fiduciaries of the consequences resulting from the failure to timely notify the insurer of a potential litigation settlement. In Federal Insurance Co. v. Arthur Andersen LLP ... the Seventh Circuit held that Federal Insurance Company ... was not obligated to contribute the [fiduciary breach] policy limit of $25 million towards a settlement of pension claims by retirees who had worked for Arthur Andersen.
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