Supreme Court Finds that Damages May be Available for a Misleading Retirement Plan Summary Description
Summary: In a potentially far-reaching decision that contained elements of victory for both plan sponsors and plan participants, a unanimous Supreme Court has reversed and remanded a district court decision that a misleading summary plan description (“SPD”) or other communications to participants can be the basis for reforming a retirement plan to mirror the terms of the SPD. CIGNA Corp. v. Arama, No. 09-804, (2011).
The attached Client Alert examines the Court’s decision and the finding that equitable relief, including money damages, may be available under the Employee Retirement Income Security Act of 1974 for such misleading communications.
Also of Interest
- ILS and Zinsser Analytic Shareholders Sell to Gardner Denver Medical September 2, 2016 • Client Successes
- Kaye Scholer Advises Veracen on Merger of Equals with Turner Investments August 31, 2016 • Client Successes
- Best Lawyers 2017 Recognizes 41 Kaye Scholer Lawyers August 15, 2016 • Recognitions
- Kaye Scholer Advises Pfizer in Acquisition of Bamboo Therapeutics August 1, 2016 • Client Successes
- Kaye Scholer Represents NexPhase Capital in Acquisition of Zing Zang July 7, 2016 • Client Successes
- Brexit—What We Know June 29, 2016 • Client Alerts
- Kaye Scholer Represents American Securities in Milk Specialties Acquisition June 28, 2016 • Client Successes
- Kaye Scholer Advises CAPS Payroll in Sale to Cast & Crew Entertainment Services June 21, 2016 • Client Successes
- Kaye Scholer Practices and Attorneys Recognized by Chambers USA 2016 May 31, 2016 • Recognitions