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Retirement Plans Newsletter

December 6, 2021


Transcript of Supreme Court Oral Argument in Hughes v. Northwestern: Pleading Standards in ERISA Fiduciary Breach Cases (PDF)

106 pages; audio recording also available. "Justice Kagan [to counsel for Northwestern]: [A]re you defending a position that says you can insulate yourself from a suit that says you're acting imprudently, you, the fiduciary, by saying no, some of the investments that we offer in our plan are prudent and they have reasonable fees and so you can't attack us for having unreasonable investments with unreasonable fees? ... [Y]ou're not insulated from making bad decisions ... in your plan by the fact that you've made some good decisions in your plan, are you? ... Because, if I think that that's what the Seventh Circuit said, that's got to be wrong, right? ...

"Justice Alito [to counsel for Northwestern]: But I think that the hypotheticals make it a little bit too simple. Suppose the choice is between brand name sodium chloride or non-brand name sodium chloride. There are people who want the brand name sodium chloride.... [W]ould it be imprudent to offer that choice?" [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; oral arg. Dec. 6, 2021)]  MORE >>

Supreme Court of the United States

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