By Craig C. Burke, Esq., Jasmin N. French, Esq., and John Zollo, Esq.
Ice Miller LLP, Indianapolis, IN
The U.S. Supreme Court recently vacated a Ninth Circuit ruling which held that an Employee Retirement Income Security Act (ERISA) claim (a class action suit filed by employees alleging that 401(k) plan fiduciaries breached their duty of prudence by selecting retail investment funds as opposed to lower-cost institutional funds) was time-barred because the initial selection of imprudent investments was made more than six years prior to the employees' lawsuit. In Tibble v. Edison International, 135 S. Ct. 1832 (2015), the Supreme Court ruled that a running of a new limitations period begins each time a fiduciary fails to review and remove imprudent investments.
