The ERISA Industry Committee on Friday filed with the U.S.
Supreme Court an amicus brief in the Tibble v. Edison International case.
The brief was prepared by Gibson, Dunn & Crutcher LLP.
Along with ERIC, the National Association of Manufacturers, the U.S. Chamber of
Commerce, the American Benefits Council, and the Business Roundtable
participated on the brief.
The brief urges the Court to uphold earlier court rulings
concerning the Employee Retirement Income Security Act’s (ERISA) six-year
statute of limitations provision, and reject a challenge concerning the
prudence of three investment options that were selected for inclusion in a plan
sponsor’s 401(k) plan more than six years prior to the alleged fiduciary breach
claims.
This could
potentially be a landmark case regarding the application of the statute of
limitations to fiduciary breach cases. Oral arguments are scheduled for
February 24, 2015. A decision on the case is not expected until late
spring or early summer.
To read ERIC's press release on the brief, click here.
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