Overview
Bloomberg Law and Law360 covered Steptoe's win for National Indemnity in a proposed class action asserting that the Berkshire Hathaway subsidiary violated the Employee Retirement Income Security Act (ERISA) by keeping an allegedly "risky" mutual fund on the investment menu available to plan participants in its 401(k) pension plan. On June 18, Judge John M. Gerrard of the US District Court for the District of Nebraska granted National Indemnity's motion for summary judgment and dismissed the plaintiff's claims challenging the continued offering of the Sequoia Fund as a plan investment option. National Indemnity convinced the court that it fulfilled its ERISA duties of prudence and loyalty in maintaining the fund on the plan’s investment menu.
The Steptoe ERISA litigation team that represented National Indemnity was led by partners Paul Ondrasik and Eric Serron, with of counsel Andrew Sloniewsky.
The full articles can be read at Bloomberg Law and Law360 (subscriptions required).
