In a ruling that upends conventional thinking on the standards for class certification of claims brought under ERISA section 502(a)(2), the Fourth Circuit overturned class certification of a lawsuit challenging the selection of 401(k) defined contribution plan investment funds. Trauernicht v. Genworth Fin. Inc., 2026 WL 667917 (4th Cir. Mar. 10, 2026). Drawing a
Department of Labor
What’s Old is New Again: The DOL’s 1975 Investment Advice Fiduciary Rule Five-Part Test is Officially Back and Here to Stay (For Now)
By Adam Scoll on
On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S. Employee Retirement Income Security Act of 1974, as amended…
Planning for Your Next DOL Investigation Just Got Easier
Spoiler alert. We are about to reveal the secret to learning what the U.S. Department of Labor’s Employee Benefits Security Administration (“EBSA”) will be focused on the next time it investigates your employee benefit plans? Ready? Just ask.
Last week, EBSA announced an overhaul of its national enforcement projects for fiscal year 2026—the most significant EBSA has made…
No Monetary Harm, No Foul? Not Quite, but American Airlines Not Required to Pay Any Monetary Damages in ERISA ESG Breach of Loyalty Case
By Mary Grace Richardson & Adam Scoll on
On September 30, 2025, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas issued a final judgment on damages in Spence v. American Airlines, Inc., No. 4:23-cv-552 (N.D. Tex. Sept. 30, 2025), which related to challenges that American Airlines and its employee benefits committee (“AA”) violated their ERISA fiduciary…