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Ninth Circuit Reverses Ruling on Participant's Claim for Surcharge
HR Daily AdvisorLink to more items from this source
Jan. 4, 2015
"Plan participants can recover personal, rather than plan, losses under arguments of 'surcharge,' the 9th U.S. Circuit Court of Appeals recently ruled, reversing an earlier opinion, which had been at odds with other federal circuits.... The U.S. Supreme Court's 2011 ruling on equitable remedies in Cigna Corp. v. Amara was not enough to tip the balance in the retiree's favor. In that decision, the justices ruled that equitable surcharge could be an appropriate remedy in some situations." [Gabriel v. Alaska Electrical Pension Fund, No. 12-35458 (9th Cir. Dec. 16, 2014)]

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