Nicholas Pension Consultants
Nova 401(k) Associates
Compensation Strategies Group, Ltd.
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|Seventh Circuit Ruling Highlights ERISA Contradiction Related to Preemption|
DeBofsky Sherman Casciari Reynolds P.C.
Aug. 18, 2021
"This ruling illustrates the complexity of ERISA preemption and the law's internal contradiction between the exclusive benefit rule and the parallel responsibilities of corporate officers and directors who are permitted by ERISA to also serve as plan fiduciaries. However, though the decision in this [bankruptcy case involving an ESOP valuation] solves one problem, it leaves a second problem unresolved. It remains unclear how Argent and Stout could be sued, since the trustees lacked standing to bring an action under ERISA." [Halperin v. Richards, No. 20-2793 (7th Cir. Jul. 28, 2021)]
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