Unnamed fiduciary may be liable under ERISA for failure to disclose reasons for discharging investment advisor
Article Abstract:
The US Court of Appeals for the Third Circuit ruled in Glaziers & Glass Workers Union Local No. 252 Annuity Fund v. Newbridge Securities, Inc. that the trial court erred in dismissing ERISA and state common law fiduciary claims. The Court found that issues of material fact existed regarding whether the former employer of an investment advisor owed a fiduciary duty to the plans involved. The Court noted that the defendant could be charged with the duty to furnish information to the plan regarding its decision to terminate the investment advisor that managed the plans.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
In trusts we trust: employer communications and employee expectations after Howe
Article Abstract:
The US Supreme Court found in Varity Corp. v. Howe that a company will be held to fiduciary standards as soon as it makes statements regarding the security of benefits. The Court has found that trust law should apply to all communications with employee-participants regarding business prospects, if those prospects may affect the security of benefits. In Howe, the plaintiffs did not allege misrepresentation of plan benefits. The communications that triggered breach of fiduciary duty were solely about the viability of the company.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Supreme Court maintains status quo in two preemption cases
Article Abstract:
ERISA preemption was the focus of two June 1997 US Supreme Court decisions, which should clarify the parameters of federal law preemption in this area. The DeBuono decision indicated minor state taxes imposed on employee benefit plans would generally be found acceptable. With regards to community property states, the Boggs decision said a pension plan participant's surviving spouse could receive plan benefits otherwise going to heirs from the participant's earlier marriage.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: "Willful" and "malicious" injury under Section 523(a)(6): is failure to carry state-mandated insurance grounds for denying discharge of uninsured tort debt?
- Abstracts: Set sail for higher returns; foreign investments offer chance to diversify and reap greater dividends. Uncertainty has its own rewards; emerging markets may be the wave of the future for adventurous investors
- Abstracts: Family law practitioner resources. Immigration law resources. Top 20 Web sites for probate attorneys
- Abstracts: 'White shoe': dated term for a firm; the time has come to bid farewell to an epithet that lost meaning a generation ago
- Abstracts: David Boies: life beyond Cravath. Ex-Texaco execs say the lawyers were to blame; facing obstruction of justice charges, they say counsel left them in dark