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Insurance Company Providing 401(k) Retirement Plans Not an ERISA Fiduciary with Respect to Foreign Tax Credits from Mutual Fund Shares
Eversheds Sutherland 
Mar. 21, 2025 "Considering ordinary notions of property rights, the court concluded that the foreign tax credits were inalienable and owned by John Hancock as the legal and taxable owner of the shares of the mutual fund. The fact that the foreign tax credits were the result of foreign taxes on the Romanos fund did not make them assets of the fund. This was underscored by the fact that the Romano Law Plan was a tax-exempt plan unable to use the credits." [Romano v. John Hancock Life Ins. Co. (USA), No. 22-12366 (11th Cir. Oct. 30, 2024)] MORE >> |
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