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Securities Exclusion May Not Negate Duty to Defend Where ERISA Action Alleges Conduct Outside Exclusion's Scope
Wiley Rein LLP Link to more items from this source
Feb. 25, 2014
"Participants in the insured company's retirement plan brought an ERISA action against the technology company and its directors for breach of their fiduciary duties alleging various failures with respect to the plan's investments in the company's own stock.... [The federal district] court found that the company had 'adequately pled that the ERISA Plaintiffs alleged conduct outside the scope of the Securities Exclusion.' Specifically, the ERISA plaintiffs' allegation of failure 'to adequately review the performance' of the retirement plan's other fiduciaries did not clearly fall within the exclusion. As a result, the court found that the company stated a 'plausible claim for breach of the duty to defend.'" [International Game Technology, Inc. v. Federal Insurance Co., No. 3:13-cv-00026-RCJ-WGC (D. Nev. Feb. 13, 2014)]

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