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Plaintiffs Score Victory Before Supreme Court in Tibble v. Edison
Fiduciary Matters BlogLink to more items from this source
May 18, 2015
"The decision reversed an earlier 9th Circuit ruling that ... a claim involving a plan investment that was initially chosen outside the 6 year window from when a lawsuit is brought could only be viable if there was a change in circumstances that would cause a fiduciary to reexamine the fund's inclusion in the plan. The Supreme Court rejected this interpretation, finding that under ERISA, there is a continuing duty to monitor and remove imprudent investments. Today's decision also effectively reversed rulings in the 4th and 11th Circuits that were similar to the 9th Circuits.... Different Justices of the Supreme Court showed during oral arguments that they struggled with the question of exactly what this continuing duty to monitor looks like. Rather than resolve the question, they have remanded the case back to the 9th Circuit to decide what the duty to monitor requires and whether the plaintiffs here met that burden to have viable claims. But they did so while also providing important context from trust law." [Tibble v. Edison Int'l, No. 13-550 (U.S. May 18, 2015)]

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