Amici Argue Duty Of Loyalty Theory In Suit Over 401(k) Service Provider

Mealey's (September 21, 2021, 12:50 PM EDT) -- ST. LOUIS — A 401(k) plan participant seeking reversal of a ruling that a service provider did not breach its fiduciary duty of loyalty under the Employee Retirement Income Security Act because it used a reasonable process in setting the crediting rate for a guaranteed return insurance product argues an erroneous theory of that duty, amici curiae The Chamber of Commerce of the United States of America and The American Benefits Council and the American Council of Life Insurers (ACLI) contend in briefs filed Sept. 16 and Sept. 17 urging the Eighth Circuit U.S. Court of Appeals to uphold the ruling....