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Sixth Circuit Decision Allows a Performance Standard to Judge the Fiduciary Prudence of 401(k) Plan Investment Decisions
Encore Fiduciary 
[Opinion] Dec. 2, 2024 "If allowed to stand, America's plan fiduciaries can be held liable for fiduciary imprudence if they fail to choose the top performing funds in the market or [fail to] beat the S&P 500 index -- even if they never intended to offer a higher-risk investment strategy. The dissent makes the key point that ERISA imposes 'standards of conduct, not standards of performance.' The Sixth Circuit has thus 'open[ed] the door' to speculative ERISA class action lawsuits based on unfair performance standards." [Johnson v. Parker-Hannifin Corp., No. 24-3014 (6th Cir. Nov. 20, 2024)] MORE >> |
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