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In this article, Jenner & Block Chair Craig C. Martin and Partner Amanda S. Amert examine claims asserting breach of fiduciary duty under ERISA. The authors explain that motion to dismiss decisions provide insight into what plaintiffs must allege if they hope to get past the pleading stage. They then compare two Eighth Circuit decisions regarding allegations of breach of fiduciary duty: Braden v. Wal-Mart Stores, Inc. from 2009 and Meiners v. Wells Fargo, & Co from 2018. “The Eighth Circuit’s opinions also demonstrate the fundamental hindsight elements of claims challenging the selection and monitoring of investment funds based on historical performance,” they observe.