
Do You Really Want to Be an ERISA Fiduciary?
Two recent class action lawsuits charging a breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA) have increased the stakes and raised important considerations regarding a plan fiduciary’s duty of loyalty/prudence and engagement in prohibited transactions. This follows a string of cases over the years that have expanded the responsibilities of ERISA fiduciaries in the context of the use and investment of retirement plan assets.