context: The alleged basis for the plaintiffs' non-disclosure claim is that the American Express SEC filings were incorporated by reference in the SPD and those filings failed to disclose material adverse financial information about American Express. Even if the disclosure requirements of ERISA go beyond the specific requirements of sections 1021-31, the requirement is no more than a duty to refrain from making affirmative misrepresentations to plan participants.
citation_a.signal: see also
citation_a.identifier: 690 F.Supp.2d 271, 271
citation_a.parenthetical: "Defendants have no affirmative duty under ERISA to disclose information about the company's financial condition to plan participants."
citation_a.sentence: See Varity Corp., 516 U.S. at 506, 116 S.Ct. 1065 (finding affirmative deception to be a violation of ERISA section 404(a) fiduciary duties, but not reaching “the question whether ERISA fiduciaries have any fiduciary duty to disclose truthful information on their own initiative, or in response to employee inquiries”); Devlin, 274 F.3d at 88 (finding affirmative misrepresentations to plan participants violate ERISA fiduciary duties); see also Gearren, 690 F.Supp.2d at 271 (“Defendants have no affirmative duty under ERISA to disclose information about the company’s financial condition to plan participants.”); In re Citigroup, 2009 WL 2762708, at *21 (citing Bd. of Trs. of CWAJITU Negotiated Pension Plan v. Weinstein, 107 F.3d 139, 147 (2d Cir.1997)).
citation_b.signal: see
citation_b.parenthetical: finding affirmative deception to be a violation of ERISA section 404(a
citation_b.sentence: See Varity Corp., 516 U.S. at 506, 116 S.Ct. 1065 (finding affirmative deception to be a violation of ERISA section 404(a) fiduciary duties, but not reaching “the question whether ERISA fiduciaries have any fiduciary duty to disclose truthful information on their own initiative, or in response to employee inquiries”); Devlin, 274 F.3d at 88 (finding affirmative misrepresentations to plan participants violate ERISA fiduciary duties); see also Gearren, 690 F.Supp.2d at 271 (“Defendants have no affirmative duty under ERISA to disclose information about the company’s financial condition to plan participants.”); In re Citigroup, 2009 WL 2762708, at *21 (citing Bd. of Trs. of CWAJITU Negotiated Pension Plan v. Weinstein, 107 F.3d 139, 147 (2d Cir.1997)).