ERISA Fiduciaries Under Attack: Key Litigation and Regulatory Developments

Mitigating Risks of Breach of Fiduciary Duty Claims

Recording of a 90-minute premium CLE webinar with Q&A

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Conducted on Thursday, June 16, 2011

Recorded event now available

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Course Materials

This CLE course will provide attorneys with a review of new and evolving rules governing fiduciary liability, address regulatory and litigation developments that affect ERISA fiduciaries, and outline strategies to improve due diligence and other investment governance for defined contribution and defined benefit plans.

Description

Litigation surveys cite breach of fiduciary duties as a fast-growing driver of ERISA lawsuits involving securities fraud and questions about investment-risk governance and prudence. Economic losses and investment complexity are only a few reasons for continued new rules, regulations and claims.

In addition, significantly increased liability exposure is expected due to the SEC's and DOL's focus on expanding the definition of plan fiduciaries.

Evolving case law is putting plan sponsors and service providers in the spotlight as never before with regard to their investment-related processes. Litigation claims are focusing on who is making the investment decisions, and the due-diligence and other procedures these decision-makers use.

Listen as our authoritative panel of attorneys and experts guides you through the ERISA fiduciary minefields, addresses best practices for fiduciaries, discusses practical realities regarding case management and settlement, and recommends action steps for investment committees, board members and the advisers, consultants, appraisers, custodians and managers who provide products and services to employee benefit plan sponsors.

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Outline

  1. ERISA fiduciary liability
    1. Overview of fiduciary duties
    2. Concept of prudence and the focus on procedure
    3. Role of investment committees versus role of the board
  2. Fiduciary liability insurance
    1. What is fiduciary insurance and who is typically an insured
    2. Recent trends in litigation settlements
    3. What concerns insurance underwriters
    4. Best practices to preserve all available coverage
  3. Fiduciary pain points
    1. General failure to hedge or diversify
    2. Post-Enron investment in company securities
    3. Risk management through the internet bubble, the sub-prime crisis and beyond
    4. Processes to diligencing both investments and service providers
    5. Identifying and paying fees
    6. Disclosure to "401(k)" participants

Benefits

The panel will review these and other key questions:

  • When are plans adopting risk management strategies?
  • What should the composition of the investment committee be?
  • How may an expanded "fiduciary" definition impact potential damages?
  • Does Dodd-Frank affect plan-management concerns?
  • How should insurance coverage be reviewed and managed?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Susan Mangiero
Susan Mangiero
Managing Member
Fiduciary Leadership

Her practice focuses on analysis, damage assessment, training and expert witness services in the areas of risk...  |  Read More

Andrew L. Oringer
Andrew L. Oringer
Partner
Ropes & Gray

Andrew is a Ropes & Gray LLP partner who leads the firm's ERISA and executive compensation practice in New York. ...  |  Read More

Christine A. Dart
Christine A. Dart
Vice President
Chubb & Son

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