Spence v. American Airlines: Expanding the Playing Field for Fiduciary Liability?
A federal court in Texas has ruled that American Airlines breached its duty of loyalty under ERISA by failing to respond to activities undertaken by a plan investment manager (BlackRock) supporting ESG initiatives. The court was unable to find a breach of prudence—rather it relied solely on the obligation of “loyalty.”
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Risk Pooling, Risk Shifting and Risky (Health Insurance) Business
The efforts to dismantle the Affordable Care Act, piece by piece, continue. Over the past few months the Trump Administration: • Finalized regulations expanding Association Health Plans (“AHPs”) for unrelated employers; • Signed the Tax Cuts and Jobs Act of 2017, eliminating the individual mandate; • Finalized regulations expanding short-term limited duration (“STLD”) coverage; • Stopped payments to insurance […]