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Text of Second DOL Solicitor General Brief to Supreme Court in Tibble v. Edison (PDF)
Office of the Solicitor, U.S. Department of Labor Link to more items from this source
Dec. 12, 2014
"Respondents had an ongoing duty of prudence, which included a duty to revisit the plan investments and remove imprudent ones.... [P]etitioners' claims are based not on the initial decision to offer the higher-cost funds as plan investments, but on the breaches of fiduciary duty committed when the imprudent investments remained in the plan ... Under the law of trusts, a trustee must periodically review trust assets and remove imprudent investments, regardless of whether there has been a significant change in circumstances.... The court of appeals effectively exempted plan fiduciaries from a significant aspect of the trust law duties imposed by ERISA once an investment has been in an ERISA plan for six years." [Tibble v. Edison International, No. 13-550 (9th Cir. Aug. 1, 2013; cert. pet. granted Oct. 2, 2014)]

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