Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
401(k) Plan Sponsors Targeted for ERISA Lawsuits
Nothing is more important to law firm success than having talented, motivated employees. From the receptionists who greet clients to the lawyers who service the business, every employee contributes. Benefit plans are a significant factor in the ability of law firms to recruit and retain top talent. One of the most common benefit offerings is the 401k plan. While employers can and often do contribute to these plans, the core component is each employee's ability to save a portion of his earnings tax deferred. As such, 401k plans can be instituted at very low cost to the firm.
Most law firms are not large enough to have a full-time employee tasked with managing the firm's benefits. Responsibility can lay in the hands of a partner, an administrative employee, or a third party. Chances are that managing the 401k plan will fall relatively low on the list of priorities. Many firms will set up a plan with the assistance of a vendor, enroll the employees, and rarely think about plan administration, assuming all is well. Up until two years ago, taking such a laissez-faire approach, while not necessarily prudent, was unlikely to result in a lawsuit because employees could not file suit under ERISA for losses related to their individual accounts. This principle changed with the Supreme Court's decision in Larue v. DeWolff, holding 401k plan participants have a cause of action under ERISA to sue for individual, as opposed to planwide, losses. To this end, law firms need to take a close look at who the fiduciaries are with respect to their plan, and how the plan is being managed. This is particularly true in partnerships where one partner's conduct can result in liability for others.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
Warehouse Liability: Know Before You Stow!
As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.