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Bankruptcy Court Applies Supreme Court's Defalcation Guidelines to Hold ERISA Fiduciary Personally Liable for Multiemployer Plan Contributions
Seyfarth Shaw LLP July 10, 2013 "Fiduciaries who breach their duties may pay the consequences far longer than they may think, for they may not even be able to escape liability through personal bankruptcy.... [T]he U.S Bankruptcy Court for the District of Massachusetts became the first court to apply the new defalcation guidelines laid down by the Supreme Court ... to an ERISA fiduciary, finding that a debtor who breached his fiduciary duties with regard to contributions to his company's multiemployer funds could not discharge his fiduciary liability in bankruptcy because he had engaged in 'defalcation.'" [Raso v. Fahey (In re Fahey), No. 11-1118 (June 11, 2013)] |
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