"The Ninth Circuit affirmed that ERISA's duty of prudence looks to a fiduciary's prospective decision-making, not hindsight performance, and that 'apples-to-oranges' comparisons on returns or fees cannot, by themselves, establish imprudence.... Echoing the [DOL's] 2020 information letter, the court found that private funds are not per se off-limits.... Intel's almost seven-year, ultimately meritless lawsuit -- and the possibility that other circuits could apply a more plaintiff-friendly standard -- means that fiduciaries may still hesitate absent an express statutory or regulatory safe harbor for including professionally managed, diversified fund options in which private market investments are a component." [Anderson v. Intel Corp. Inv. Policy Comm., No. 22-16268 (9th Cir. May 22, 2025)]  MORE >>