Nova 401(k) Associates
Nicholas Pension Consultants
Compensation Strategies Group, Ltd.
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|Fifth Circuit: Plan Participants Lacked Standing to Bring ERISA Fiduciary Breach Claims|
Jackson Lewis P.C.
July 30, 2021
"[T]he Fifth Circuit observed that although the plan eventually began offering a stable value fund -- the plaintiffs' preferred type of capital preservation investment -- the participants never invested in this option. For that reason, the appellate court concluded that the participants failed to show that the challenged acts of the defendants caused their injury[.]" [Ortiz v. American Airlines, Inc., No. 20-10817 (5th Cir. Jul. 19, 2021)]
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