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Supreme Court Oral Argument Preview: Are Fiduciaries of Defined Benefit Plans That Meet Minimum Funding Criteria Protected from Lawsuits for Fiduciary Breach?
SCOTUSblog Jan. 7, 2020 "If the Supreme Court determines that Thole and Smith lack either statutory standing or Article III standing, its decision will provide a roadmap for defined-benefit-plan fiduciaries who allegedly breach their fiduciary duties, or any party-in-interest that allegedly violates ERISA's prohibited-transactions provisions, to avoid claims by participants and beneficiaries. The plan would simply have to satisfy ERISA's minimum funding requirement. Such a ruling would provide an additional incentive for defined-benefit plans to meet that requirement." [Thole v. U.S. Bank N.A., No. 16-1928 (8th Cir. Oct. 12, 2017; cert. pet. granted Jun. 28, 2019; oral arg. sched. Jan. 13, 2019)] |
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