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Fourth Circuit Holds Trustees Are Liable Only If Their Fiduciary Breach Caused the Plan's Loss
Goodwin Procter Link to more items from this source
[Guidance Overview]
Dec. 19, 2011

In Plasterers' Local Union No. 96 Pension Plan v. Pepper, ... the Fourth Circuit affirmed the district court's findings that trustees of a multi-employer pension plan breached ERISA fiduciary duties by not diversifying plan investments and by failing to prudently investigate investment alternatives for the plan. However, the district court's holding that the trustees were liable to the plan was reversed because the Fourth Circuit concluded that the lower court never undertook to determine what losses, if any, resulted from the trustees' breaches of duty.

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