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Supreme Court Expands Fiduciary Responsibilities for Plan Sponsors
In a far-reaching unanimous ruling issued today, the Supreme Court ruled in favor of participants in employee retirement plans who sued claiming that the plan sponsors violated their fiduciary duty by including higher cost “retail class” funds instead of identical investments with lower cost “institutional shares” open only to institutional investors. The ruling (Tibble v. Edison International, 13-550) overturns a lower court’s ruling that was dismissed that the employee...