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ERISA Litigation Handbook Practice Series Practice Series ERISA Litigation Handbook Craig C. Martin Michael A. Doornweerd Amanda S. Amert Douglas A. Sondgeroth © Copyright 2012 Jenner & Block LLP. Jenner & Block is an Illinois Limited Liability Partnership including professional corporations. Offices 353 N. Clark Street 919 Third Avenue Chicago, Illinois 60654-3456 New York, New York 10022-3908 Firm: 312 222-9350 Firm: 212 891-1600 Fax: 312 527-0484 Fax: 212 891-1699 1099 New York Avenue, NW 633 West 5th Street Suite 900 Suite 3600 Washington, DC 20001-4412 Los Angeles, California 90071-2054 Firm: 202 639-6000 Firm: 213 239-5100 Fax: 202 639-6066 Fax: 213 239-5199 Website www.jenner.com Author Information Craig C. Martin Michael A. Doornweerd Jenner & Block Jenner & Block Tel: 312 923-2776 Tel: 312 923-2631 E-Mail: [email protected] E-Mail: [email protected] Amanda S. Amert Douglas A. Sondgeroth Jenner & Block Jenner & Block Tel: 312 923-2605 Tel: 312 840-7605 E-Mail: [email protected] E-Mail: [email protected] © 2012 Jenner & Block LLP. This publication is intended only to provide information on legal matters and is not intended to provide advice. Readers should seek specific legal advice before taking any action with respect to matters mentioned or addressed in this publication. This is advertising material and Craig C. Martin, Michael A. Doornweerd, Amanda S. Amert, and Douglas A. Sondgeroth are responsible for its content. ATTORNEYADVERTISING INTRODUCTION This is the fifth edition of Jenner & Block’s ERISA Litigation Handbook. Like previous editions of the Handbook, this expanded edition provides a basic primer on the issues presented and procedures followed in litigation under the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 - 1461 (“ERISA”) and it has been updated to reflect the latest developments in ERISA cases. We recognize that many actuaries, attorneys, bankers, investment managers, labor union officers, fund managers, chief financial officers, general counsels, and human resource officers regard ERISA to be a confusing and complex statute. After surveying federal case law from across the nation, we acknowledge that that belief is well founded. Nonetheless, we believe that by providing a straightforward guide that covers the wide variety of issues presented in ERISA lawsuits, we can provide the reader with a quick reference to determine whether an ERISA issue exists and begin the analysis of that issue. This fifth edition discusses the wide range of issues that arise in litigation under ERISA. In Section I, the Handbook addresses the Supreme Court’s decisions defining ERISA’s preemption of state laws. Section II addresses the question of standing to bring a claim against an ERISA fiduciary. Section III describes the creation and termination of fiduciary status under ERISA. Section IV details the remedies available for breach of ERISA fiduciary duties. Sections V through VIII focus on specific fiduciary duties under ERISA, including the duties of loyalty, prudence, diversification, and adherence to plan documents. Sections IX and X address transactions ERISA prohibits. Sections XI and XII discuss issues related to ERISA’s civil enforcement provisions, and Section XIII provides an updated discussion of procedural considerations like jury trials in ERISA cases and class actions. Section XIV considers the federal courts’ power to create a federal common law of ERISA. Section XV highlights specific types of ERISA litigation, including developing issues such as employer stock litigation and 401(k) fee litigation, among others. In Section XVI, the Handbook considers the validity of releases of ERISA claims and benefits. Finally, Section XVII addresses the special considerations for plan fiduciaries relating to securities litigation, and Section XVIII considers important professional responsibility issues attorneys commonly face when representing clients in the ERISA arena. We hope that this Handbook will provide a basic starting point for analyzing the issues ERISA litigation presents. We wish to thank William L. Scogland, Matthew J. Renaud, Katherine A. Neville, Joshua A. Pasquesi, and Joshua Rafsky for their assistance in and contributions to the preparation of this edition of the Handbook. Craig C. Martin Michael A. Doornweerd Amanda S. Amert Douglas A. Sondgeroth JENNER & BLOCK LLP August 2012 TABLE OF CONTENTS I. SUPREME COURT PRECEDENT DEFINING ERISA’S PREEMPTION OF STATE LAWS ...............................................................................................................1 A. ERISA COMPLETELY PREEMPTS STATE LAWS THAT COINCIDE WITH ITS CIVIL ENFORCEMENT PROVISIONS .........................1 B. CONFLICT PREEMPTION AFFECTS STATE LAWS THAT RELATE TO EMPLOYEE BENEFITS PLANS ....................................................3 1. The “relates to” language is broadly interpreted ..........................................3 a. ERISA § 514(a), 29 U.S.C. § 1144, preempts state laws that refer to ERISA benefit plans ............................................4 b. ERISA § 514(a), 29 U.S.C. § 1144, preempts state laws that have a connection with ERISA benefit plans .................................................................................................5 2. The “relates to” language does not apply to an arrangement that is not a “plan” under ERISA .................................................................6 C. LAWS REGULATING INSURANCE....................................................................7 1. The saving clause excepts from preemption state laws that regulate insurance ........................................................................................7 2. The deemer clause exempts employee benefit plans from regulation as insurance companies ...............................................................9 II. STANDING TO BRING A CLAIM AGAINST A FIDUCIARY UNDER ERISA ................................................................................................................................11 A. CONSTITUTIONAL AND PRUDENTIAL REQUIREMENTS FOR STANDING ..................................................................................................11 B. EXPRESS STATUTORY GRANTS OF STANDING .........................................12 1. Parties enumerated in ERISA § 502(a)(2), 29 U.S.C. § 1132(a)(2) ...............................................................................................12 2. Parties enumerated in ERISA § 502(a)(3), 29 U.S.C. § 1132(a)(3) ...............................................................................................15 3. Parties enumerated in ERISA § 502(c), 29 U.S.C. § 1132(c) ....................17 C. RIGHTS OF PARTIES NOT ENUMERATED IN ERISA § 502(a), 29 U.S.C. § 1132(a), TO BRING SUITS AGAINST FIDUCIARIES .......................................................................................................18 III. FIDUCIARY STATUS UNDER ERISA ..........................................................................20 i A. CREATION OF FIDUCIARY STATUS ..............................................................20 1. Fiduciary status as a named fiduciary ........................................................20 2. Fiduciary status by performing fiduciary functions ...................................21 3. Performing ministerial tasks does not create fiduciary status ....................22 B. TERMINATING FIDUCIARY STATUS ARISING FROM FORMAL TITLE OR POSITION .........................................................................24 1. Fiduciary status cannot be terminated informally ......................................25 2. Termination must be unequivocal ..............................................................25 3. Fiduciary status can only be resigned or terminated in the manner specified in the plan ......................................................................26 4. The resigning fiduciary must make adequate arrangements for the continued prudent management of the plan ...................................27 5. A fiduciary may relinquish some obligations to a plan by delegating some fiduciary responsibilities .................................................28 C. TERMINATING FIDUCIARY STATUS ARISING FROM THE EXERCISE OF FIDUCIARY FUNCTIONS ........................................................29 1. Resign formally ..........................................................................................29 2. Resign unequivocally .................................................................................29 3. Resign in the manner specified in the plan documents ..............................30 4. Make adequate arrangements for the continued prudent management of the plan .............................................................................30 IV. ERISA REMEDIES FOR BREACH OF FIDUCIARY DUTIES .....................................31 A. ERISA-AUTHORIZED ACTIONS FOR BREACH OF FIDUCIARY DUTIES ...........................................................................................31 B. REMEDIES............................................................................................................33 1. Compensatory and punitive damages are not available .............................33 2. Restitution ..................................................................................................35 3. Surcharge ...................................................................................................38 4. Rescission ..................................................................................................39
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