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MassMutual Is Found to Be a Fiduciary in ERISA Suit by Proposed Class of Customer Plans
The Lowenbaum Partnership and FRA PlanTools Link to more items from this source
May 27, 2014
"After conducting an extensive analysis of both old and recent case law on the functional fiduciary tests under ERISA 3(21)(i) and (iii) ... [the court] found that MassMutual was a functional fiduciary because it controlled its own compensation ... [but] found that MassMutual was not a fiduciary with respect to the change of or potential changing of investments in the [Separate Investment Accounts] ... [T]hese decisions seem to be based on a combination of which circuit the lawsuit is brought in and the specific practices of each insurance company in how they are setting up and operating their separate account investments as part of the group annuity contracts offered." [Golden Star v. MassMutual Life Insurance Co., No. 3:11-30235-PBS (D. Mass. May 20, 2014)]

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