Legal Opinion · Dissent
Richard Tatum v. RJR Pension Investment Committee
Court of Appeals for the Fourth Circuit
Decided August 4, 2014No. 13-1360Published
1DissentWilkinson, Circuit Judge
After a four-week bench trial, the district court found that the investment decisions of the R.J. Reynolds Tobacco Co. (RJR) fiduciaries were objectively prudent. It thus properly refused to hold the RJR fiduciaries personally liable for alleged plan losses.
Yet this court, breaking new ground, reverses the district court. With all respect for my two fine colleagues, I do not believe ERISA allows plan fiduciaries to be held monetarily liable for prudent investment decisions, and especially not for those made in the interest of diversifying plan assets. Market conditions can, of course, create…
2Cases cited21 opinions
- Shaw v. Delta Air Lines, Inc.Supreme Court of the United States · 1983
- Mertens v. Hewitt AssociatesSupreme Court of the United States · 1993
- Schaffer Ex Rel. Schaffer v. WeastSupreme Court of the United States · 2005
- Kuper v. IovenkoCourt of Appeals for the Sixth Circuit · 1995
- Ronald Fink v. National Savings and Trust CompanyCourt of Appeals for the D.C. Circuit · 1985
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