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Amicus Brief of American Benefits Council to Second Circuit in Case Challenging Communication of Cash Balance Plan Wear-Away Provision
American Benefits Council Link to more items from this source
[Opinion]
Feb. 26, 2016
"[It] is black-letter law that a fiduciary breach claim based on an alleged misrepresentation requires proof of detrimental reliance. Yet the District Court found Foot Locker liable without requiring individualized proof that any class member -- not even the class representative -- relied on an alleged misstatement to his or her detriment; instead, it held that reliance could be inferred on a class-wide basis. This ruling ... effectively vitiates the detrimental-reliance requirement, exposing plan sponsors to potentially massive liability regardless of whether plan participants relied on (or were even aware of) an offending communication." [Osberg v. Foot Locker, Inc., No. 07-cv-1358 (S.D.N.Y. Sept. 29, 2015; on appeal to 2d Cir.)]

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