B. David Joffe was quoted in a Law360 article entitled “Lawyers Weigh In On High Court’s ERISA Ruling,” exploring the significance of the high court’s recent decision in Tibble v. Edison, which opens the floodgates for an increase in 401(k) fee litigation.
“The court has paved the way for more fee litigation. Although the decision only directly concerns the statute of limitations under ERISA, it highlights the need for plan fiduciaries to consider—on an ongoing basis—whether the investment options offered under the plan could be offered at a lower cost,” said Joffe. “The decision may ultimately lead to the requirement for a periodic 'full due-diligence review,' which is undefined at this point. The decision also highlights the need for plan fiduciaries to evaluate continually any 'significant changes' or 'changes in circumstances' that might warrant changing an investment option.”
Read the complete collection of attorney reactions to the Supreme Court’s ERISA ruling .