Court Rules that Individual Employees of Investment Consulting Firm May Be Liable for Advice Given to Pension Plans
Investment consulting firm made recommendations to plan trustees regarding investment manager to be hired by plan. After plan lost millions, the individuals working for the consulting firm who were primarily responsible for advising the trustees regarding the investment manager were sued for providing bad investment advice.
In denying motion to dismiss, court ruled that whether an individual employed by a fiduciary to a plan is personally liable for plan losses requires a factual determination assessing the extent of the individual’s responsibility and control with respect to the plan.
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