Third Circuit Rules That Actual Harm Needed For Monetary Equitable Remedy

The Third Circuit recently held that a plaintiff was not entitled to a monetary, equitable remedy under ERISA § 502(a)(3) where he failed to prove actual harm. Perelman v. Perelman, Nos. 14–1663, 14–2742, 2015 WL 4174537 (3d Cir. 2015). Appellant Jeffrey Perelman ("Perelman"), a participant in the defined benefit plan ("Plan") of Appellee General Refractories Company ("GRC"), brought suit in his individual capacity and on behalf of the Plan against his father, brother, GRC, and a former Plan administrator claiming his father, as trustee of the Plan, breached his fiduciary duties by investing Plan assets in companies owned and controlled by Perelman's brother. Perelman claimed these transactions were not properly reported, reduced Plan assets, and increased the risk of default. Plaintiff sought injunctive relief, attorney's fees and costs, and monetary relief under ERISA § 502(a)(3) in the form of restitution and disgorgement. The district court held that Perelman