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Duty to Monitor Fiduciaries Does Not Include Duty to Inform
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Nov. 11, 2015
"The plaintiffs in the suit allege that BP and BP America are vicariously liable for their employees' breaches of fiduciary duty under ERISA. They argue that the corporate defendants 'effectively controlled the individual defendants' because the corporate defendants employed the individual defendants and appointed them to plan-related positions. But, U.S. District Judge Keith P. Ellison of the U.S. District Court for the Southern District of Texas said more than an employer-employee relationship is required to meet the vicarious liability test; it requires that the principal have 'participated in the agent's breach.' He found that the plaintiffs failed to tie the corporate defendants in any way to the individual defendants' alleged breach." [In re B.P. ERISA Litigation, No. 4:10-cv-4214 (S.D. Tex. Oct. 30, 2015)]
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