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Sixth Circuit Enforces ERISA Exclusion in ESOP Trustee's E&O Insurance Policy
Faegre DrinkerLink to more items from this source
Dec. 8, 2021

"[T]he trustee argued that the [ERISA] exclusion should not be enforced because the parties' intent was for the [professional liability (errors & omissions)] insurance policy to protect the trustee against business risks; therefore, it would make little sense for an ERISA exclusion to apply in a policy that insured an ESOP trustee against the primary risks the trustee faced in his business as an ESOP trustee. But the Sixth Circuit held that under Ohio state law ... the court was required to construe the coverage according to the plain, unambiguous language of the policy. The ERISA exclusion was clear and unambiguous." [Secretary of Labor v. Potts, Nos. 20-3856, 20-3895 (6th Cir. Nov. 24, 2021)]

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