Regional Vice President of Sales The Retirement Plan Company
|
Bates & Company, Inc.
|
AimPoint Pension
|
Loan & Distribution Specialist AimPoint Pension
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Amicus Brief of American Benefits Council to Second Circuit in Case Challenging Communication of Cash Balance Plan Wear-Away Provision
American Benefits Council [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.)]
|
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |