Plan Investments

The Fourth Circuit recently held that participants in a defined benefit plan lacked standing under Article III of the United States Constitution to challenge investment decisions made by the plan’s fiduciaries.  David v. Alphin, No. 11-2181 (4th Cir. Jan. 14, 2013).  The plan at issue was overfunded and the participants had not failed to receive any benefit to which they were entitled under the plan.  The Fourth Circuit held that the plaintiffs had not experienced an injury that would be redressed by a favorable outcome in the litigation.  Without such an injury, the plaintiffs did not have constitutional standing under Article III.
Continue Reading Participants Lack Standing to Challenge Defined Benefit Plan Investment Decisions