8th Circuit Won’t Rehear Ruling That Service Provider Is Not ERISA Fiduciary

(March 8, 2016, 10:50 AM EST) -- ST. LOUIS — The Eighth Circuit U.S. Court of Appeals on Feb. 17 denied a retirement plan sponsor’s petition for panel rehearing and for rehearing en banc of a ruling that a service provider was not acting as a fiduciary under the Employee Retirement Income Security Act when it established the fees that the sponsor alleged were excessive (McCaffree Financial Corp. v. Principal Life Insurance Company, No. 15-1007, 8th Cir.).

In its Jan. 8 ruling, the Eighth Circuit held that plan sponsor McCaffree Financial Corp.’s breach...
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