The Supreme Court set oral arguments for Feb. 24 in Tibble vs. Edison International, the benchmark 401(k) fee case that could redefine the Employee Retirement Income Security Act's statute of limitations.
Typically, the court will hear an hour of arguments, 30 minutes from each side. Justices are likely to rule on the case within a week. Findings will be announced by the last day of the term, before the court recesses for summer. Unanimous decisions tend to be released earlier.
Also read: Supreme Court could redefine ERISA
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The plaintiffs want the court to overturn the rulings of lower courts that said Edison wasn't liable for relying on the retail-class shares – rather than lower-cost institutional shares – of three mutual funds, because those funds were added more than six years before plaintiffs filed their original claim.
Under ERISA's statute of limitations, a claim can't be brought six years after the date of the last instance of a breach or violation, or in the case of an omission, six years after the latest date on which the fiduciaries could have corrected the violation.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
