"Many plan fiduciaries currently rely on policy disclosures and contractual representations by a plan's investment managers regarding how they will vote proxies, and/or fiduciaries rely on consultants to evaluate proxy voting practices and may not otherwise devote significant time to proxy voting matters. The court's summary judgment decision suggests that relying on such disclosures and representations, without additional diligence, may subject the plan fiduciaries to litigation risk.... The outcome of the trial and any appeal will need to be taken into account in assessing litigation risks posed by the case." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Jun. 20, 2024)]

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