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Supreme Court Rejects Presumption of Prudence But Raises Bar for ESOP Fiduciary Breach Claims
Thompson Hine Link to more items from this source
June 28, 2014

"Although some lower courts have held that deference must be provided to hard-wired plan documents, the Supreme Court ... emphasized that ERISA recognizes that the duty of prudence can conflict with the terms of a plan document ... [The] Court held that ERISA precludes a fiduciary's slavish adherence to the terms of plan documents without considering ERISA's separate obligations.... [F]iduciaries of all plans should evaluate the prudence of even mandatory plan provisions in light of Dudenhoeffer." [Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S. June 25, 2014)]

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