"Plaintiffs' theory of their action was that John Hancock breached its duty of loyalty by receiving the foreign tax credits and not passing them on to the plans in any way, resulting in a reduction in the value of the plans' assets.... Adopting the logic of the lower court, with a notable exception on standing, the Eleventh Circuit affirmed the lower court's holding that John Hancock was not acting as an ERISA fiduciary with regard to the conduct at issue." [Romano v. John Hancock Life Ins. Co. (USA), No. 22-12366 (11th Cir. Oct. 30, 2024)]  MORE >>