Failure To Diversify Is Insufficient To Impose Liability, 4th Circuit Says
RICHMOND, Va. – A federal district court erred in holding that pension plan trustees were liable under the Employee Retirement Income Security Act for losses to the plan based on findings that the trustees breached their fiduciary duties to investigate and diversify because the district court did not find that the failure to investigate or diversify led to imprudent investments, the Fourth Circuit U.S. Court of Appeals ruled Dec. 1 (Plasterers’ Local Union No. 96 Pension Plan, et al. v. Edgar Pepper, et al., No. 10-1364, 4th Cir.; 2011 U.S. App. LEXIS 23886).
View full post on LexisNexis® Mealey’s™ Daily Legal News
Circuit, diversify, Failure, Impose, insufficient, Liability, says