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May 18, 2015 – In a unanimous decision, the Supreme Court has ruled in favor of participants in Edison International’s 401(k) plan, who claimed company fiduciaries violated their duty to monitor three retail-class mutual funds.
The decision in Tibble vs. Edison International overturns the ruling of the 9th Circuit Court of Appeals, which upheld a ruling from U.S. District Court for the Central District of California in favor of Edison.
ERISA’s fiduciary duty is derived from the common law of trusts, which provides that a trustee has a continuing duty–separate and apart from the duty to exercise prudence in selecting investments at the outset – to monitor, and remove imprudent, trust investments,” wrote Justice Stephen Breyer, who delivered the opinion for the court.
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