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Trustee of WorldCom's 401(k) Plan Did Not Breach Fiduciary Duty
The District Court for the Southern District of New York has ruled as a matter of law that as a “directed trustee” under the Employee Retirement Income Security Act, the fiduciary duties of Merrill Lynch were limited in nature and that by not halting investment in WorldCom stock by the company's 401(k) participants did not amount to a breach of its fiduciary duties. In re WorldCom, Inc. ERISA Litigation, 02 Civ. 4816 (Feb. 1). The plaintiffs were a class of employees who participated in WorldCom's 401(k) plan. They accused Merrill Lynch of breaching its fiduciary duty as a trustee for failing to warn participants about investing in WorldCom stock. Under its contract with WorldCom, however, Merrill Lynch was a “directed trustee” under ERISA.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.