"Part of what the Supreme Court was wading into here was, did Congress use the word 'equitable' as in the traditional courts of equity, or did they use the term in a more benign sense, as a synonym for 'fair?' This is of critical importance for ERISA plans -- the implications are broad. One of the most important is that, in regards to the subrogation provisions in place within many plans (especially large, well-run plans), sponsors will have to be very vigilant and proactive in understanding where they may have the right or even the obligation to pursue recovery of plan assets under the subrogation clause, and where they don't." [Montanile v. Bd. of Trustees of Nat. Elevator Ind. Health Benefit Plan, No. 14-723 (U.S. Jan. 20, 2016)]

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