Fiduciary Liability Litigation
Increasingly, pension and 401(k) plan fiduciaries find themselves targets of complex fiduciary liability lawsuits that threaten corporate and even personal assets.
"When business officers, directors and executives do not fully understand the serious obligations of serving as a fiduciary under ERISA, they expose themselves to the risk of costly litigation." states Mark Johnson, Ph.D., J.D. and President of ERISA Benefits Consulting.
The Employee Retirement Income Security Act (ERISA) contains four requirements for 401(k) plan fiduciaries often referred to as the obligation to operate plans for the "exclusive benefit" of the participants:
1. the duty of loyalty
2. the duty of prudence
3. the duty to diversify investments
4. the duty to follow plan documents
ERISA Section 409 stipulates that any "person who is a fiduciary with respect to a plan who breaches any of the responsibilities, obligations, or duties imposed upon fiduciaries by this title shall be personally liable to make good to such plan any losses to the plan resulting from each such breach..." The fiduciary may also be personally responsible for paying any civil penalties or excise taxes imposed on an employer by a Court of Law.
Dr. Johnson has developed an in-depth knowledge of fiduciary liability cases by working closely with plaintiff and defense counsel on leading national cases involving Fortune 500 companies. He is available to advise you on an existing case or to help you review pension plan documents in an effort to minimize litigation threats. Learn more about Dr. Johnson here.
Contact Fiduciary Liability Expert Dr. Mark Johnson
You can reach Dr. Johnson via email or by phone at 817-909-0778. He is available to confidentially discuss an ERISA or fiduciary liability matter.
Click on the link to read about his representative ERISA cases.