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Seventh Circuit: Independent Investment Fiduciary Shields ESOP Fiduciaries from Liability for Investment in Company Stock

Seventh Circuit: Independent Investment Fiduciary Shields ESOP Fiduciaries from Liability for Investment in Company Stock

Burke v. Boeing Co., No. 20-3389, __F.4th__, 2022 WL 3030835 (7th Cir. Aug. 1, 2022) involves a lawsuit that seeks to hold fiduciaries of the Boeing Voluntary Investment Plan (the…

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Fourth Circuit Reduces Damages Award in DOL Action Against ESOP Company Owner

In Walsh v. Vinoskey, __F.4th__, 2021 WL 5764250 (4th Cir. Dec. 6, 2021), a matter brought by the Secretary of Labor alleging ERISA violations against fiduciaries of an employee stock…

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Seventh Circuit Holds ERISA Claims Are Arbitrable but Arbitration Provision Forbidding Plan-Wide Relief Is Unenforceable

In Smith v. Bd. of Directors of Triad Mfg., Inc., No. 20-2708, __F.4th__, 2021 WL 4129456 (7th Cir. Sept. 10, 2021), Plaintiff-Appellee James Smith sued the fiduciaries of the Triad’s…

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Seventh Circuit Holds ERISA Does Not Preempt Bankruptcy Creditors’ State Law Claims Against Corporate Directors and Officers

In Halperin v. Richards, No. 20-2793, __F.4th__, 2021 WL 3184305 (7th Cir. July 28, 2021), the Seventh Circuit considered whether ERISA “preempts certain state-law claims brought by bankruptcy creditors on…

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Ninth Circuit Bars Defensive Use of Equitable Estoppel When It Would Result in Contradiction of an ERISA Plan’s Express Terms

In Wong v. Flynn-Kerper, No. 19-56289, __F.3d__, 2021 WL 2307485 (9th Cir. June 7, 2021), the Ninth Circuit considered for the first time whether a defense of equitable estoppel is…

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Ninth Circuit Affirms Dismissal of Breach of Fiduciary Duty Suit Against Fiduciaries of Edison International Employee Stock Ownership Plan

Yesterday, in Wilson v. Craver, No. 18-56139, __F.3d__, 2021 WL 1523253 (9th Cir. Apr. 19, 2021), the Ninth Circuit issued another decision in a matter involving the duty of prudence…

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