6th Circuit: ERISA Bars Claims Against Bank Related To TPA's Embezzlement

6th Circuit: ERISA Bars Claims Against Bank Related To TPA's Embezzlement

CINCINNATI - A depository bank that allegedly facilitated a third-party administrator's (TPA's) embezzlement from plans governed by the Employee Retirement Income Security Act is not an ERISA fiduciary, and state-law claims against the bank are preempted by ERISA, the Sixth Circuit U.S. Court of Appeals ruled June 8 in a divided opinion (John C. McLemore, et al. v. Regions Bank, Nos. 10-5480, 10-5491, 6th Cir.; 2012 U.S. App. LEXIS 11600).

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