Alert October 23, 2012

New ERISA Litigation Update Available

Goodwin Procter’s ERISA Litigation Practice published its latest quarterly ERISA Litigation Update.  The update discusses (1) a Sixth Circuit decision affirming the dismissal of claims brought by a participant in a defined contribution plan against his employer for losses incurred when his plan account was transferred from a stable value fund to a life cycle fund that qualified as a QDIA, (2) the certification of a class in an ERISA case alleging breach of fiduciary duty and prohibited transactions against an insurance company in connection with revenue sharing practices under group annuity contracts issued to administrators of defined contribution retirement plans, and (3) a Fourth Circuit decision holding that ERISA’s catch-all provision allows wide-ranging relief against breaching fiduciaries, including a surcharge and equitable estoppel, consistent with dicta in the Supreme Court’s Amara decision.