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Settlement Means Supreme Court Will Not Resolve Circuit Split on Burden of Proof for Fiduciary Breach
PLANSPONSOR; free registration may be required Link to more items from this source
Sept. 26, 2018
"When Pioneer Centres Holding Co. Stock Ownership Plan v. Alerus Financial on September 20 was settled instead of going before the Supreme Court ... the expected clarity the decision would offer [was] lost.... The 10th U.S. Circuit Court of Appeals found that Pioneer Centres was required to prove a transitional trustee was at fault for a failed transaction and failed to do so.... Other courts have said that once a participant makes out a prima facie case, alleging the elements, that the burden shifts to the fiduciary to say whatever harm that is alleged to have been caused is not harm that fiduciaries caused."

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