Sep 12, 2019
Retirement plans operated by US employers collectively hold
trillions of dollars in assets, so they have naturally become a
target for litigation under their governing statute, the Employee
Retirement Income Security Act, commonly known as ERISA. Under
ERISA, plan fiduciaries are subject to duties of loyalty and
prudence, which can be enforced by the US Department of Labor or by
private civil actions. Class actions targeting ERISA plan
fiduciaries have been on the rise. Financial institutions are
potentially implicated for the plans that they provide to their own
employees and for the services that they provide to their clients.
Mayer Brown partners Nancy Ross and Brian Netter discuss recent
trends in ERISA litigation.