Mealey's Labor & Employment - 4th Circuit Remands Fiduciary Duty Case Involving Diversification Of Plan Assets

Mealey's Labor & Employment - 4th Circuit Remands Fiduciary Duty Case Involving Diversification Of Plan Assets

RICHMOND, Va. - The Fourth Circuit U.S. Court of Appeals ruled 2-1 on Aug. 4 that a federal judge applied the wrong causation standard to claims by participants in R.J. Reynolds Tobacco Co.'s 401(k) plan that the plan fiduciaries are monetarily liable for breaching their fiduciary duties under the Employee Retirement Income Security Act based on the removal of Nabisco stock from the plan following a spin-off (Richard G. Tatum v. RJR Pension Investment Committee, et al., No. 13-1360, 4th Cir.; 2014 U.S. App. LEXIS 14924).

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