May 18, 2015
Partner Richard S. Chargar was quoted in the Law360 article “Lawyers Weigh In On High Court ERISA Ruling” regarding the Supreme Court’s decision to vacate a Ninth Circuit ruling that Edison International workers’ ERISA claims against the company over imprudent 401(k) investment plans investments were time barred, holding that plan fiduciaries have a continuing duty to monitor investments. Mr. Chargar commented, “As expected, the Supreme Court vacated a Ninth Circuit ruling, in Tibble v. Edison International, that Edison workers' ERISA claims against plan fiduciaries were time-barred. In our experience, plan fiduciaries are aware of their fiduciary duty under ERISA to continuously monitor the performance of investment options and the related management fees. This decision will have minimal impact on those fiduciaries but will likely serve as a wake-up call for plan fiduciaries who have not been diligent in periodically reviewing the investment options under their plan.”
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