Fiduciary Duty Action Is Moot Because Plan Is Now Overfunded, Judge Rules
Mealey's (January 11, 2016, 10:29 AM EST) -- MINNEAPOLIS — A breach of fiduciary duty action brought under the Employee Retirement Income Security Act, which claimed that U.S. Bancorp’s pension plan’s investment in affiliated mutual funds increased the risk of the plan’s default, is moot because the plan is now overfunded, a federal judge in Minnesota ruled Dec. 29 (Adetayo Adedipe, et al. v. U.S. Bank, National Association, et al., No. 13-cv-2687, D. Minn.).
(Order available. Document #54-160113-038R.)
Former employees of U.S. Bank National Association and vested participants in the U.S. Bancorp pension plan...