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A Lurking Trap for Corporate Officers
Winston & Strawn LLPLink to more items from this source
June 18, 2015

"Plan participants constitute a ready-made class of individuals, creating the potential for large damage awards for any drop in stock price.... ERISA is a personal liability statute.... [T]he first two steps all corporations should take to reduce the risk of potential liability to their officers and directors are: [1] Remove from the plan fiduciary committee all Section 16 officers and others who tend to receive inside information; and [2] Cause the company's directors or compensation committee members to delegate away as much fiduciary authority (and potential liability) as possible."

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