Very interesting case out of the First Circuit the other day on the question of whether former employees satisfy ERISA standing requirements with regard to defined contribution plans. Short answer is they do, but the Court’s analysis and discussion is an interesting open field run across a range of issues that are both explicit and
Fiduciaries
From Preemption to ERISA Standing, and Lots of Things In-Between
Philadelphia, New York, court hearings – I have been everywhere the past week or so other than at my desk where I could put up blog posts. Here’s a run down of interesting things I came across along the way that you may want to read. First, for those of you who can’t get enough…
A Brief List of Things Worth Reading
By Stephen Rosenberg on
Even when trying cases, I have never had a week so busy since launching the blog that I haven’t been able to find time to post. David Rossmiller likes to say that work is the curse of the blogging class, but even when really busy, I have always found writing up a blog post…
Two More ERISA Cases for the Supreme Court?
By Stephen Rosenberg on
The good folks who write the SCOTUS blog are engaged in one of their periodic attempts to read the tea leaves and predict what cases the Supreme Court will choose to hear. This time, they think the Court will review two ERISA cases, Geddes v. United Staffing – which concerns the standard of review…
Follow the Numbers: the Evolution in ERISA Law
By Stephen Rosenberg on
I have noted two things – well, many things, only two of which are relevant to this post – in the past, one the line that Marx was wrong about a lot of things, but he was right that everything is economics, and the second that we are beginning to see an incremental evolution in…
Millions for Defense, Billions for Damages: State Street’s Exposure
By Stephen Rosenberg on
Backdating. It’s a scandal. No, not that backdating. I mean when bloggers can’t get to something when it first comes up, and then go back in time to talk about it. That’s what I mean by backdating, and that’s what I am going to do today. Last week, I read, but didn’t have a…
Big Questions From A Small Story on a (Relatively) Small Loss
By Stephen Rosenberg on
Here’s a short newspaper story of a local municipal pension plan that suffered a $2.4 million loss to its pension fund, which is only about a $53 million fund, as a result of investments in subprime mortgage backed assets made either by State Street or in State Street funds (the article isn’t clear on the…
Excessive Fee Litigation: A Real Problem or An Imaginary One?
By Stephen Rosenberg on
Posted in 401(k) Plans, Fiduciaries
Here’s a piece passed along by the Workplace Prof, noting the rise in excessive fee litigation under ERISA. I have noted before that the combination of demographic and economic factors with the ruling in LaRue is going to create more of these types of actions over the years, not less, and thus I share…
Pension Estimates: Not Worth The Computer They Are Printed On
By Stephen Rosenberg on
Posted in Fiduciaries, Pensions
Here’s an interesting decision out of the First Circuit yesterday, concerning errors in providing estimates of pension amounts to participants and whether a participant can hold the sponsor to the erroneous estimate, rather than receive only the correct amount under the actual terms of the retirement plan in question. Short answer? A participant only gets…
Does Employer Stock Even Belong In Retirement Plans?
By Stephen Rosenberg on
Should there even be employer securities in a 401(k) plan or other retirement vehicle? That’s the million dollar question (or more like the hundred million dollar question) that cases like those arising out of the Bear Stearns collapse raise. Moreover, it goes right to the underlying tension between ERISA and the securities laws that plays…