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Sixth Circuit Affirms $5 Million Award for Breach of ERISA Fiduciary Duties by TPA of Self-Funded Health Plan
Practical Law Company Link to more items from this source
May 19, 2014
"TPAs and employers may find instructive the Sixth Circuit's analysis of the factors supporting its conclusion that the TPA held plan assets and therefore functioned as an ERISA fiduciary. Notably, the Court was not persuaded by the TPA's argument that neither it nor the employer maintained a separate bank account set aside exclusively for funds intended to pay participants' expenses. Although no trust was created in this case, the factors identified by the court, which included SPD language, were sufficient to establish the employer's intent to place plan assets with the TPA." [Hi-Lex Controls, Inc. v. Blue Cross Blue Shield of Michigan, Nos. 13-1773/1859 (6th Cir. May 14, 2014)]

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