eDiscovery, legal research and legal memo creation - ready to be sent to your counterparty? Get it done in a heartbeat with AI. (Get started for free)

What is the significance of the TIBBLE v. EDISON INT'L court case in shaping intellectual property law and how can it be applied to modern-day business and innovation practices?

ERISA regulates the administration of employee benefit plans and is subject to strict rules and regulations.

The 1974 Employee Retirement Income Security Act (ERISA) was enacted to protect the pension rights of workers.

The case of Tibble v Edison INT'L involved a breach of fiduciary duty by Edison International, which offered higher-fee retail-class mutual funds as part of the plan, despite lower-fee institutional-class funds being available since 1999.

The court held that a fiduciary has a continuing duty to monitor investments and remove imprudent ones.

The case established that a plaintiff may allege that a fiduciary breached its duty of prudence by failing to properly monitor and remove imprudent investments, even if the breach began more than six years before the claim was brought.

The court ruled that the 6-year statute of limitations set by 29 USC Section 1113 does not apply to a claim alleging a breach of the continuing duty of prudence.

The ruling has significant implications for employer-sponsored 401(k) plans, where trustees and plan administrators have a continuing duty to monitor investments and remove imprudent ones.

The court's decision was a significant victory for employees and beneficiaries of employee benefit plans, who now have more leverage to hold plan administrators accountable for their investment decisions.

eDiscovery, legal research and legal memo creation - ready to be sent to your counterparty? Get it done in a heartbeat with AI. (Get started for free)