"[Tennessee's Uniform Fiduciary Act ('UFA')] shields depositary banks from liability arising from the actions of a fiduciary depositor, unless the bank acts with 'actual knowledge' of a breach or 'knowledge of such facts that its action ... amounts to bad faith.' Because ERISA provides a remedy against nonfiduciaries who knowingly participate in a fiduciary's violation of ERISA, see 29 U.S.C. Section 1132(a)(3), the district court found that ERISA preempted any allegations of 'knowing' or 'bad faith' conduct that escaped the UFA's bar. We agree." Editor's note: See also the strong dissenting opinion: "There is no ERISA purpose or policy served by withdrawing the protection of state laws of general application. What is the possible harm caused by the enforcement of state laws providing damages if a bank recklessly allows its depositors' money to be embezzled by a fiduciary?" [McLemore v. Regions Bank, Nos. 10-5480/5491, (6th Cir. June 8, 2012)]  MORE >>