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To What Extent Can an ERISA Fiduciary Rely on Legal Advice?
Alston & Bird LLP Link to more items from this source
Jan. 21, 2014
"Though the D.C. Circuit panel sought to clarify 'when' ERISA permits plan fiduciaries to act in reliance on the advice of counsel, it did not provide particularly clear guidance on this issue. Rather, citing the common law of trusts, the court noted that a fiduciary may rely on the advice of counsel when 'reasonably justified under the circumstances.' The court reasoned that the 'propriety' of that reliance must be judged 'based on the circumstances at the time of the challenged decision,' and 'whether a prudent trustee in those particular circumstances would have acted in reliance on counsel's advice.'" [Clark v. Feder Semo and Bard, P.C., No. 12-7092 (D.C. Cir. Jan. 7, 2014)]

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