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ERISA Deference: No Exceptions
Much of the federal litigation brought pursuant to the Employee Retirement and Income Security Act of 1974 (“ERISA”) involves efforts by the beneficiaries of ERISA-regulated employee benefit plans to overturn benefits decisions of the plans' administrators. One recent study found that 65% of ERISA lawsuits in the federal court system involve claims of interference with plan benefits. Pension Governance, Inc. and the Michel-Shaked Group, ERISA Litigation Study (2009), available at www.pensionlitigationdata.com/news.php.
The standard of review that a court applies to such benefit decisions can have a significant impact on the beneficiary's chances of success in the lawsuit. If the court reviews the decision de novo, then it may effectively ignore the interpretation of the ERISA plan performed by the plan administrator and independently review the plan in order to make a benefits determination. See Aetna Health Inc. v. Davila, 542 U.S. 200, 210 (2004). At the other end of the spectrum of review standards, if the reviewing judge is compelled to apply a deferential standard of review to the decision of the plan administrator, then the judge is restricted to reviewing the decision for an abuse of discretion, and must uphold any reasonable interpretation of the ERISA plan offered by the plan administrator. McCauley v. First Unum Life Ins. Co., 551 F.3d 126, 133 (2d Cir. 2008).
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
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?
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.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.