ERISA Fiduciary Duty Claims Do Not Require Presuit Demand, 3rd Circuit Rules

PHILADELPHIA - Participants in 401(k) plans who alleged that John Hancock Life Insurance Company (U.S.A.) and its related entities violated the Employment Retirement Income Security Act of 1974 (ERISA), 29 USCS § 1001 et seq.,  by charging excessive fees were not required to make a presuit demand on the trustees or join the trustees as defendants, the Third Circuit U.S. Court of Appeals ruled April 16 in reversing a federal district court's judgment on the ERISA claims (Danielle Santomenno, et al. v. John Hancock Life Insurance Company (U.S.A.),  No. 11-2520, 3rd Cir.; 2012 U.S. App. LEXIS 7545).

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