Overview
In a decision that was widely forecast after last February’s oral argument, the US Supreme Court unanimously held that ERISA requires plan fiduciaries to monitor the prudence of investments on an ongoing basis, rather than only in the event of a significant change in circumstances. Tibble v. Edison International, 2015 U.S. LEXIS 3171 (May 18, 2015). Overruling the US Court of Appeals for the Ninth Circuit, the Court further held that the six-year statute of limitations on breach of fiduciary duty actions set forth in ERISA § 413(1) did not bar the plaintiffs from challenging an alleged failure to monitor an investment option that was selected more than six years before they filed their lawsuit.
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