In a unanimous decision, on May 18, 2015, the Supreme Court found in Tibble v. Edison International that plan fiduciaries have an ongoing fiduciary duty under ERISA to monitor plan investments, a duty separate and apart from the fiduciary’s duty to be prudent when first selecting plan investments. In doing so, the Court opened the door in Tibble and in other cases for plaintiffs to allege a continuing fiduciary violation based on a failure to monitor plan investments and remove imprudent ones.
Please see the attached memo for further information.