Perspective
Jun. 12, 2013
9th Circuit curtails protections from liability for pension plan fiduciaries
The court limited the protections from liability for ERISA pension plan fiduciaries afforded by the "presumption of prudence" for investments in employer stock. By James Hazlehurst
Dear Prudence, don't presume you're protected from fiduciary liability. Last week, in Harris v. Amgen, 2013 DJDAR 7136 (June 4, 2013), the 9th U.S. Circuit Court of Appeals limited the protections from liability for ERISA pension plan fiduciaries afforded by the "presumption of prudence" for investments in employer stock.
The "presumption of prudence" developed out of the tension between the compet...
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