The circuit split lets plaintiffs simply claim they never read plan documents, and without input from SCOTUS, plaintiffs' attorneys will be encouraged to forum-shop claims within the Ninth Circuit, Intel says. (Photo: Shutterstock)
Fiduciaries to Intel Corp.'s defined contribution plans have petitioned the Supreme Court to clarify the Employee Retirement Income Security Act's statute of limitations.
Intel's petition arises from a claim first brought in 2015 in the U.S. District Court for the Northern District of California. A former Intel employee alleged fiduciaries to two defined contribution plans sponsored by the firm breached ERISA by loading a target-date fund with large allocations to hedge funds and private equity investments.
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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.
