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ARTICLE · 18 MAY 2015

Supreme Court Decision Alert - May 18, 2015

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Today, the Supreme Court issued two decisions, described below, of interest to the business community: ERISA—Statute of Limitations and the Duty to Monitor; and Bankruptcy Code—Disposition of Funds Held By Chapter 13 Trustee After Conversion to Chapter 7

United StatesLitigation, Mediation & Arbitration
Richard Katskee
Richard Katskee
Brian Netter
Brian Netter
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Today, the Supreme Court issued two decisions, described below, of interest to the business community.

  • ERISA—Statute of Limitations and the Duty to Monitor
  • Bankruptcy Code—Disposition of Funds Held By Chapter 13 Trustee After Conversion to Chapter 7

ERISA—Statute of Limitations and the Duty to Monitor

Tibble v. Edison Int'l, No. 13–550 (previously described in the October 2, 2014, Docket Report)

The Employee Retirement Income Security Act (ERISA) imposes personal liability on fiduciaries who fail to discharge their duty of prudence. Today, in Tibble v. Edison Int'l, the Supreme Court held that—despite ERISA's six-year limitations period—fiduciaries remain on the hook to correct mistakes made by fiduciaries more than six years earlier, to the extent the evidence shows that a prudent fiduciary monitoring the plan would undertake remedial actions.

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