News & Analysis as of

Fiduciary Duty Burden of Proof

Lowenstein Sandler LLP

Supreme Court Ruling Makes It Easier for Participants To Sue Plan Fiduciaries

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On April 17, the Supreme Court unanimously resolved a circuit split in Cunningham v. Cornell University, holding that plan participants need only allege that fiduciaries engaged in a “prohibited transaction” under the...more

Maynard Nexsen

Burden at the Crossroads: Pizarro Paves the Way for Potential Supreme Court Review

Maynard Nexsen on

ERISA breach of fiduciary duty class actions have surged in recent years, prompting courts to grapple with complex questions about how these claims should be pleaded and litigated. Among the most consequential and unresolved...more

Faegre Drinker Biddle & Reath LLP

Thinking ESOPs: Supreme Court to Take Up ‘Prohibited Transactions’ and Burden of Proof Questions . . .

On October 4, 2024, the Supreme Court granted certiorari in Cunningham v. Cornell University. The case involves the standard for a plaintiff to plead a “prohibited transaction” claim under ERISA and the burden of proving...more

Faegre Drinker Biddle & Reath LLP

Eleventh Circuit Holds That Burden of Proof of Loss Causation is on Plaintiffs in ERISA Actions

In an August 2, 2024, decision in Pizarro v. The Home Depot, Inc., No. 22-13643 (11th Cir. Aug. 2, 2024), the Eleventh Circuit reaffirmed its position — and the position of the majority of federal circuit courts to address...more

Proskauer - Employee Benefits & Executive...

Eleventh Circuit Reiterates that Burden of Proving Loss Causation Stays with Plaintiffs

The Eleventh Circuit Court of Appeals recently affirmed a district court’s grant of summary judgment in favor of the fiduciaries of the Home Depot 401(k) plan, who defended against claims that they breached their fiduciary...more

Winstead PC

Court Discusses Holding An Executor In Contempt For Commingling Property

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In In re Mittelsted, a trial court held a former executor in contempt for over twenty acts of commingling personal property with estate property and ordered that the executor pay over $200,000 to avoid contempt. No....more

Bressler, Amery & Ross, P.C.

Uses of Exculpatory Clauses in Wills and Trusts

In this podcast hosted by American College of Trust and Estate Counsel (ACTEC), Bressler’s Jordan Weitberg and ACTEC Fellow Travis Hayes discuss the use of exculpatory clauses in wills and trusts. Specific topics include the...more

Goodwin

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence

Goodwin on

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence; Stockholders Strike $110 Million Settlement In Suit Alleging Breaches Of Fiduciary Duties By Former...more

Fox Rothschild LLP

The Evidence Of Cash Is Coming A Little Too “Laight”

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This decision issued on a non-precedential basis on April 13, 2021, represents every divorce litigator’s nightmare. Unfortunately, the decision on appeal to remand the case offers the litigants a chance to relive what...more

Neal, Gerber & Eisenberg LLP

Down-Rounds and Other Insider Financing: How to Minimize Your Fiduciary Risk

The United States and the world are in the midst of a pandemic and a resulting economic crisis of massive proportion, with most businesses, including many venture capital and private equity backed companies, experiencing...more

Sheppard Mullin Richter & Hampton LLP

Delaware Court of Chancery Addresses Pleading ‘With Particularity’ Under Rule 23.1

Rule 23.1 of the Delaware Court of Chancery Rules requires a plaintiff asserting a shareholder derivative action to plead “with particularity the efforts, if any, made by the plaintiff to obtain the action the plaintiff...more

Skadden, Arps, Slate, Meagher & Flom LLP

COVID-19: Germany Update — Management Duties During the Crisis

The COVID-19 outbreak creates numerous challenges for managers and directors in companies. In the present situation, they must keep a focused view of the business, while leading the company prudently through the crisis and...more

Carlton Fields

Supreme Court Won’t Review Key ERISA Case: A Boost for Index Funds?

Carlton Fields on

In January, the U.S. Supreme Court denied review of a case in which Putnam Investments is alleged by plan participants to have breached its fiduciary duty under ERISA by automatically including higher-cost, actively managed...more

Hinshaw & Culbertson LLP

The LHD/ERISA Advisor: Failure to Plead "Special Relationship" Results in Dismissal of Breach of Fiduciary Duty Claim

In Tifer v. New York Life Ins. Co., 2019 U.S. Dist. LEXIS 119702 (N.D. Fla. July 18, 2019), a U.S. District Court for the Northern District of Florida dismissed a state law claim for breach of fiduciary duty against an...more

Hinshaw & Culbertson LLP

The LHD/ERISA Advisor: SCOTUS Reviews "Blissful Ignorance" as Statute of Limitations Defense

On December 4, 2019, the U.S. Supreme Court heard oral argument in Intel Corp. Inv. Policy Comm. v. Sulyma, 139 S. Ct. 2692 (2019). The question presented is whether the three year limitations period in 29 U.S.C. § 1113(2),...more

Farrell Fritz, P.C.

Waiving a Decendent’s Attorney-Client Privilege

Farrell Fritz, P.C. on

“The attorney client privilege, the oldest among common-law evidentiary privileges, fosters the open dialogue between lawyer and client that is deemed essential to effective representation” (Spectrum Sys. Intern. Corp. v...more

Butler Snow LLP

Tennessee Adopts New Test for Corporate Opportunity Claims

Butler Snow LLP on

For decades, Tennessee courts have utilized conflicting tests for analyzing the corporate opportunity doctrine. Recently, however, the Tennessee Court of Appeals addressed this inconsistency by determining that the Delaware...more

Winstead PC

Texas Statutes Now Allow A Court To Modify Or Reform An Unambiguous Will

Winstead PC on

I. Introduction Historically, Texas courts could not resort to extrinsic evidence to construe an unambiguous will. San Antonio Area Foundation v. Lang, 35 S.W.3d 636 (Tex. 2000)....more

Ward and Smith, P.A.

Will My Judgment Get Discharged in Bankruptcy?

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Bankruptcy is meant to provide a fresh start for the honest but unfortunate debtor. A debtor who files Chapter 7 does so with the presumption that all his or her debts will be forgiven or "discharged." But what about the...more

Seyfarth Shaw LLP

Do ERISA Fiduciaries Have The Burden Of Proof On Loss Causation? — The Solicitor General Will Now Advise Whether The Supreme Court...

Seyfarth Shaw LLP on

Seyfarth Synopsis: There is a deep circuit split on who bears the burden of proving loss causation on ERISA breach of fiduciary duty claims. ...more

McDermott Will & Emery

ERISA Plan Controversy: Rising Stakes for Those Unprepared

McDermott Will & Emery on

WHAT’S THE EXPOSURE? • Settlements up to $140 million • Last year alone, settlements of $17 million, $22 million, $24 million, and among others • Plaintiffs’ lawyers generally get 1/3 of the settlement amounts • Plaintiffs’...more

Verrill

Stronger Than its Weakest Links: NYU Survives 403(b) Fee Lawsuit

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The first breach of fiduciary duty claim to survive to trial alleged that the NYU Retirement Plan Committee failed to consolidate recordkeeping services, failed to property manage the RFP process, failed to allow potential...more

Morris James LLP

Court Of Chancery Explains Proper Purpose Analysis

Morris James LLP on

KT4 Partners LLC v. Palantir Technologies Inc., C.A. 2017-0177-JRS (February 22, 2018) - When a demand to inspect corporate records states a purpose other than to value the corporation’s stock, it is often difficult to...more

Allen Matkins

Directors Fail To Escape Liability For Approving Dividend

Allen Matkins on

I last wrote about FDIC v. Ching, 2014 U.S. Dist. LEXIS 92687 (E.D. Cal. July 8, 2014) in July of 2014. That post concerned Judge Kimberly J. Mueller's ruling that California's statutory restrictions on distributions to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - November 2017/ Volume 9 / Issue 4

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August 2017 and October 2017....more

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