Court Opinion

ID: 9817879
Source: CourtListenerOpinion
Date Created: 2023-09-01 04:54:54.024571+00
Date Added: 2024-06-11T07:37:51.906989
License: Public Domain

MOTZ, District Judge,
concurring:
I concur in Judge Hull’s opinion. However, because I am concerned that the opinion might be interpreted as insulating an ERISA fiduciary who violated its fiduciary duty in making an initial selection of an investment from ever being held liable for continuing that investment in a Plan’s portfolio, I write separately to say that a non-removal claim might be stated by a beneficiary who was not invested in the Plan when the initial selection was made. In my judgment, financial institutions should not be permitted to invest in captive ERISA plans for their employees that are imprudently managed and charge excessive fees. That might not have been evident when ERISA was first enacted; it should be now.