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Home arrow News arrow Retirement Plans News arrow 404(c) No Defense in Stock Fund Fiduciary Suit, According to District Court
404(c) No Defense in Stock Fund Fiduciary Suit, According to District Court
Monday, 20 April 2009

404(c) No Defense in Stock Fund Fiduciary Suit, According to District Court


Excerpt: "The U.S. District Court for the District of New Hampshire has determined that Tyco International Ltd. cannot use Employee Retirement Income Security Act Section 404(c) protection in its defense against participants' fiduciary claims regarding its retirement plan company stock fund offering. U.S. District Judge Paul Barbadoro said in his opinion that several factors led him to his conclusion, including that section 404(c) is unclear as to whether it can be used to bar a claim based on a fiduciary's designation of investment options." (PLANSPONSOR.com; free registration required)

 

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