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Satisfying Fiduciary Duty Under ERISA

By David Tabak

The Department of Labor (DOL) has issued guidance covering situations in which a pension plan, by virtue of its holdings of its employer's stock, is a potential claimant in a securities fraud suit: Prohibited Transaction Exemption (“PTE”) 2003-39: Class Exemption for the Release of Claims and Extensions of Credit in Connection with Litigation. 68 Fed. Reg. 75632-40 (Dec. 31, 2003). The exemption arose out of “concerns raised by the pension community regarding the impact of ERISA's prohibited transaction provisions of the settlement of litigation by employee benefit plans with parties of interest.” (PTE 2003-3039, p. 75632.)

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