Fiduciary Duty Claims Against Former Trustee Are Timely, 3rd Circuit Holds

Fiduciary Duty Claims Against Former Trustee Are Timely, 3rd Circuit Holds

PHILADELPHIA - A trial court properly ruled that the fraudulent concealment exception to the statute of limitations applied to claims by a profit-sharing plan's current trustees that a former trustee violated his fiduciary duties under the Employee Retirement Income Security Act by fraudulently reporting inaccurate information regarding the plan plan's assets and using plan assets for his personal benefit, the Third Circuit U.S. Court of Appeals affirmed March 7 in an unpublished opinion (Dr. Fadi Chaaban, et al. v. Dr. Mario A. Criscito, No. 11-2096, 3rd Cir.; 2012 U.S. App. LEXIS 4710).

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