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Cybertheft of 401(k) Plan Assets -- New Case Highlights Fiduciary Exposure
Cohen & Buckmann, P.C. Link to more items from this source
Oct. 28, 2019

"Fiduciaries should expect that the court is likely to find the duty to keep plan assets secure to be a part of current fiduciary obligations. Failure to make good on these losses could also be viewed as an improper forfeiture of a vested benefit, calling the plan's qualification into question. If there is no cybersecurity insurance coverage payment to be passed on, it appears likely that one or more of the defendants will be directed to reimburse the participant's account for the losses." [Berman v. Estee Lauder, No. 19-6489 (N.D. Cal. complaint filed Oct. 9, 2019)]

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