Tuesday, June 12, 2007 6:36 AM
Judging from the number of posts in the blawgosphere on the subject, yesterday's U.S. Supreme Court decision in Beck v. Pace must have been big news for lawyers dealing with ERISA.
As Professor Paul Secunda at Workplace Prof Blog noted:
Further clarifying the scope of fiduciary responsibility under the statute, a unanimous Supreme Court issued its decision today in Beck v. PACE Int'l Union, No. 05-1448 (U.S. June 11, 2007), which holds, per Justice Scalia, that the implementation of a decision to terminate by purchasing annuities rather than merging with a union's multiemployer plan ”does not violate any ERISA fiduciary duty (previous posts here and here).
Here are some highlights from the decision...(visit this link for the highlights: Unanimous Supreme Court: ERISA Fiduciary Did Not Need to Consider Merger Option).
If you would like to read more on the subject, try your own search via Blawg, or dive into the blawgosphere via this random selection of posts:
Supreme Court: Merger is not a Termination - Pension Protection Act Blog
A busy day at the U.S. Supreme Court - It's (Barely) Legal: Glen Ashman's Blog
More on Today's Opinion in Beck v. PACE International Union - SCOTUSBlog
ERISA sponsor wins fiduciary argument - Ross' Employment Law Blog
Supreme Court Rules on Beck v Pace - Boston ERISA Law Blog