DiFelice v. Fiduciary Counselors, Inc.

MEMORANDUM OPINION

ELLIS, District Judge.

At issue at the threshold dismissal stage in this breach-of-fiduciary-duty action brought pursuant to § 502(a)(2) of the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1132(a)(2), is the nature of an independent fiduciary’s duties to the participants in a 401 (k) retirement plan. Specifically, this case considers whether defendant Fiduciary Counselors, Inc. (“Fiduciary Counselors”) acted in conformity with ERISA’s standards of fiduciary conduct after it was appointed to manage pension investments in a company’s stock shortly…