NELA's amicus brief addresses how the district court’s decision removing employer stock investments and offerings from ERISA’s trustee responsibilities and accompanying fiduciary protections, where the plan mandates the investments or offerings, conflicts with 1) ERISA’s purpose and policy, 2) ERISA’s explicit statutory scheme, 3) the overwhelming majority of cases which have considered the duties of fiduciaries of plans investing in employer securities, and 4) the principles of trust law upon which the district court purported to rely.
Brief writers: Ellen M. Doyle (Stember Feinstein Doyle & Payne)