[Editor's note: BenefitsLink included this article in yesterday's newsletter but our headline was incorrect, as was a summary we wrote. The article explained that a federal district court in the Eleventh Circuit has ruled that a right of contribution or indemnification exists among co-fiduciaries, but our headline and summary said the opposite. We apologize to readers and to the Seyfarth Shaw firm for this error.] Excerpt: "The court ... discussed whether such relief was available under the trust law principles that were the foundation of ERISA. The court held that the Eleventh Circuit has accepted those trust law underpinnings and thus would follow the approach laid out by the Second Circuit in Chemung Canal Trust Co. v. Sovran Bank/Maryland [in which] the Second Circuit held that an action for contribution and indemnity represented a 'fundamental principle of equity jurisprudence' and provided a means for 'equitably distributing responsibility for plaintiff's losses proportionally among those responsible for the losses'; accordingly, such an action was included in the federal common law of ERISA." [Guididas v. Community National Bank Corp., No. 8:11-cv-2545-T-30TBM (M.D. Fla., 11/5/2012)]  MORE >>