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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TIAA Sanctioned for Misleading Plan Participants
TIAA’s business interests conflicted with those of the employer-sponsored plans record kept by TIAA–and TIAA chose to serve its own interests over those of its clients.