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Seventh Circuit Revives State Law Claims Against Executives Acting as 'Dual-Hat' Fiduciaries
Jackson Lewis P.C. Aug. 9, 2021 "The Court reasoned that ERISA did not preempt state law corporate claims against executives who serve dual roles as both corporate fiduciaries and ERISA fiduciaries because such state claims did not interfere with how Congress intended ERISA fiduciary duties to operate ... Also important to the Panel was the concept that as to these state-law claims, Plaintiffs were not circumventing ERISA's remedial scheme.... The exclusive benefit rule's preemptive force ... protected the Trust Company's retained independent appraiser against state-law liability." [Halperin v. Richards, No. 20-2793 (7th Cir. Jul. 28, 2021)] |
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