Cunningham v. Cornell University: Recent SCOTUS Ruling, ERISA Prohibited Transaction Claims, Pleading Standards, Exemptions

Strafford

This CLE webinar will provide ERISA counsel and plan fiduciaries an in-depth analysis of the U.S. Supreme Court's decision in Cunningham v. Cornell University and other recent cases and their impact on ERISA prohibited transaction claims. The panel will discuss recent prohibited transaction cases and SCOTUS' analysis in coming to their ruling on pleading standards for such claims. The panel will also discuss key provisions under ERISA and the Internal Revenue Code, applicable rules and procedures for statutory, class, and individual exemptions, fiduciary liability, and other key issues for obtaining prohibited transaction exemptions under ERISA.

Description

The U.S. Supreme Court ruling in Cunningham v. Cornell University is expected to have a significant impact on pleading standards for ERISA claims, rule implementation, and litigation. Attorneys assisting clients with ERISA, employee benefits, and fiduciary matters must understand the implications of this ruling and how their clients may be affected.

On Apr. 17, 2025, the U.S. Supreme Court issued its opinion in the case to resolve the circuit court split on the pleading standards for prohibited transaction claims under ERISA. The Court's ruling has lowered the pleading standards for ERISA claims, allowing plaintiffs to pursue prohibited transaction claims without addressing the statutory exemptions that may defeat such claims. This will cause a significant increase in meritless prohibited transaction claims and litigation costs for plan sponsors and fiduciaries.

Listen as our expert panel guides practitioners through the recent Cunningham v. Cornell University ruling and discusses the impact on ERISA claims. The panel will also discuss key provisions under ERISA and the Internal Revenue Code, applicable rules and procedures for statutory, class, and individual exemptions, fiduciary liability, and other key issues for obtaining prohibited transactions exemptions under ERISA.

Outline

1. Overview of ERISA prohibited transaction rules
2. Cunningham v. Cornell University
3. Regulatory challenges and litigation
4. Mitigating the effects of Cunningham v. Cornell University
5. Practitioner takeaways

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