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Category: Fiduciaries

Your ERISA Watch – Fourth Circuit Holds Plan Fiduciary May Violate ERISA by Failing to Divest Allegedly Imprudent Frozen Single-Stock Fund

This week’s notable decision, Stegemann v. Gannett Co., Inc., No. 19-1212, __F.3d__, 2020 WL 4664798 (4th Cir. Aug. 11, 2020), results from the Fourth Circuit’s consideration of “whether and how a participant in a defined contribution plan can allege a…

Your ERISA Watch – Eighth Circuit Rules North Dakota Law Regulating Pharmacy Benefit Managers is Preempted by ERISA

This week’s notable decision comes from the Eighth Circuit and concerns claims preempted by ERISA. In Pharm. Care Mgmt. Ass’n v. Tufte, No. 18-2926, __F.3d__,2020 WL 4554980 (8th Cir. Aug. 7, 2020), Plaintiff Pharmaceutical Care Management Association (“PCMA”) claimed that…

Your ERISA Watch – The Difficult Dudenhoeffer Standard Saves Wells Fargo from Answering an ERISA Class Action Lawsuit

This week’s notable decision is Allen v. Wells Fargo & Co., No. 18-2781, __ F.3d __, 2020 WL 4279751 (8th Cir. July 27, 2020). The three plaintiffs, employees of Wells Fargo, brought a class action lawsuit against the bank under…

Your ERISA Watch – The Second Circuit Kicks the Can In Long-running ESOP Duty-of-Prudence Dispute Against IBM

This week’s notable decision is the Second Circuit’s short per curiam opinion in Jander v. Ret. Plans Comm. of IBM, No. 17-3518, __F.3d__, 2020 WL 3412115 (2d Cir. June 22, 2020), a case where Plaintiffs, who are participants in the…

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