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Fifth Circuit: Investment Advisor Is Not an ERISA Fiduciary and Thus Is Not Liable for Alleged Misrepresentations About Proposed Investment
ERISA Lawyer Blog 
Mar. 13, 2014
"[The Court found that the investment advisor] is not a fiduciary ... because he did not exercise discretionary authority or control over the oil and gas investment, as he did not cause the Plan's trustees to relinquish their independent discretion in investing the Plan's funds and to instead follow the course that he prescribed ... [and] because he did not receive a fee from the Plan in connection with the oil and gas company investment; he received a fee only from a third party." [Tiblier v. Dlabal, No. 13-50344, (5th Cir. Feb. 28, 2014)]
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