In a most significant decision, a federal judge has ruled that Tyco International Ltd. can’t rely on an Employee Retirement Income Security Act provision that shields fiduciaries against liabilities from retirement plan losses stemming from beneficiaries’ control over their assets. The ruling came in a class action that is part of multidistrict litigation alleging a massive accounting fraud at Tyco. Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire granted the plan participants’ motion for summary judgment that Tyco couldn’t use the ERISA as a shield in the fraud case.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.