Alessi v. Raybestos-Manhattan, Inc.

1 Analyses of this case by attorneys

  1. The Sixth Circuit Reminds Claim Administrators Of The Dangers Of A Breach of Fiduciary Duty When Handling Plan Assets

    Sedgwick LLPJuly 24, 2013

    The Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001, et seq., was passed with the goal of protecting plan assets so that those assets would be available for plan participants and beneficiaries. See Alessi v. Raybestos-Manhattan, Inc., 451 U.S. 504, 510-11 (1981). Under ERISA § 3(21)(A), 29 U.S.C. § 1002(21)(A), any person who “exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority or control respecting management or disposition of its assets” is a fiduciary under ERISA.