Attorneys & Professionals
Dan Clark, a partner in the Vorys Columbus office and a member of the labor and employment group, was quoted in a Law360 story titled “Lawyers Weigh In On High Court ERISA Ruling.” The story was about the U.S. Supreme Court’s decision to vacate the Ninth Circuit ruling in Tibble v. Edison International. According to the story, the Court found that Edison International workers' Employee Retirement Income Security Act claims against the company over allegedly imprudent 401(k) plan investments were time-barred. The story quoted Clark on the impact the decision would have on plan sponsors and fiduciaries.
The story states:
“For plan sponsors and fiduciaries, this decision should serve as a reminder that the work of a fiduciary does not end once an investment is selected. Plan fiduciaries should dust off their investment policies and make sure that they are evaluating the fund class selection when they review qualitative measures (like the manager turnover) and quantitative measures (like investment performance). Fiduciaries can be personally liable for keeping a well-performing fund if they are paying too much for it and cannot demonstrate that they prudently monitored the plan’s investments and costs.”
To read the entire story, visit the Law360 website. (Subscription required).