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Podcast: Supreme Court Decision Syllabus (SCOTUS Podcast)
Episode: Cunningham v. Cornell (ERISA)
Description: Send us Fan MailIn Cunningham v. Cornell University, the Supreme Court addressed a fundamental pleading question under the Employee Retirement Income Security Act of 1974 (ERISA). Petitioners—former and current Cornell University employees—alleged that university fiduciaries violated ERISA §1106(a)(1)(C) by causing their retirement plans to pay excessive fees for recordkeeping services to Fidelity and TIAA-CREF, both parties in interest. The Second Circuit dismissed the claim, holding that plaintiffs must also plead that the transaction wasn’t exempt under §1108(b)(2)(A), which allows for reasonable arrangements with service providers.The Supreme Court unanimously reversed. Writing...