SOL Recommends That Supreme Court Decide Fiduciary Duty Case

The Solicitor of Labor ("SOL") recently recommended that the U.S. Supreme Court consider to what extent fiduciaries are required to monitor investments on an ongoing basis in Tibble v. Edison International. 

The SOL recently filed an amicus brief, which states that the Supreme Court should hear the first issue on monitoring investments, but not the second issue on deference. On the first issue, the SOL argued ERISA’s statute of limitations does not eliminate the requirement that fiduciaries prudently monitor a plan’s investments. The SOL said that the fiduciaries have a continuing fiduciary duty to review the plan’s investments and eliminate any that are imprudent. Furthermore, the SOL said that it appears as though the fiduciaries did monitor the investments and that the Court should evaluate whether they did so prudently.

ERIC members and trial members can read more here.
The Department of Labor’s brief in Tibble is available here.
The Ninth Circuit’s original decision in Tibble is available here.
The Ninth Circuit’s amended opinion in Tibble is available here.
Additional information about the Tibble case is available here.