"In ... Federal Insurance Company v. IBM, the Court [of Appeals of New York] denied insurance coverage for IBM under an excess fiduciary liability (apparently) policy, for a settlement by IBM of a claim that amendments to benefit plans in the 1990s violated ERISA. The Court ... found that the claim did not invoke IBM's status as a fiduciary under ERISA, essentially because it involved settlor, rather than fiduciary, functions.... [and] conclude[d] that policy language that applied to claims against a fiduciary involving ERISA meant claims where the insured qualified as a fiduciary under that statute, and did not, contrary to IBM's arguments, involve any broader meaning of the word fiduciary."  MORE >>