The standards that ERISA fiduciaries owe to the plans they oversee have been called “among the highest duties known to law… more exacting than the duties imposed upon common law trustees.” In recent years, ERISA fiduciaries of retirement plans have experienced heightened scrutiny from plan participants, including through a slew of legal challenges to allegedly excessive fees levied to administer such plans, sometimes resulting in eight-figure payouts.
Now, however, plaintiffs have taken aim at the fiduciaries of ERISA health and welfare plans, too. These cases, like those described in further detail below, present a variety of risks and potential liabilities that employers must understand and monitor. Such exposure should be discussed with ERISA counsel and consideration should be given to the “next steps” that follow this article.