context: Moreover, "the statutory exemptions established by SS 1108 are defenses which must be proven by the defendant."
citation_a.signal: see also
citation_a.identifier: 829 F.2d 1215, 1215
citation_a.parenthetical: "[Because the fiduciary has a virtual monopoly of information concerning the transaction in question, it is in the best position to demonstrate the absence of self-dealing. Placing the burden of proof on the fiduciary [to establish that the transaction in question fell under an exemption] is thus justified."
citation_a.sentence: Braden, 588 F.3d at 601 (vacating district court judgment that dismissed cause of action because the plaintiff failed to plead facts that showed he was not exempted by § 1108); see also Allen v. GreatBanc Trust Co., 835 F.3d 670, 676 (7th Cir. 2016) (“We now hold squarely that the section 408 exemptions are affirmative defenses for pleading purposes, and so the plaintiff has no duty to negate any or all of them.”); Fish v. GreatBanc Trust Co., 749 F.3d 671, 685 (7th Cir. 2014) (“[T]he burden of proof is on a defendant to show that a transaction that is otherwise prohibited under § 1106 qualifies for an exemption under § 1108.”); Lowen, 829 F.2d at 1215 (“[Because the fiduciary has a virtual monopoly of information concerning the transaction in question, it is in the best position to demonstrate the absence of self-dealing. Placing the burden of proof on the fiduciary [to establish that the transaction in question fell under an exemption] is thus justified.”).
citation_b.signal: no signal
citation_b.identifier: 588 F.3d 601, 601
citation_b.parenthetical: vacating district court judgment that dismissed cause of action because the plaintiff failed to plead facts that showed he was not exempted by SS 1108
citation_b.sentence: Braden, 588 F.3d at 601 (vacating district court judgment that dismissed cause of action because the plaintiff failed to plead facts that showed he was not exempted by § 1108); see also Allen v. GreatBanc Trust Co., 835 F.3d 670, 676 (7th Cir. 2016) (“We now hold squarely that the section 408 exemptions are affirmative defenses for pleading purposes, and so the plaintiff has no duty to negate any or all of them.”); Fish v. GreatBanc Trust Co., 749 F.3d 671, 685 (7th Cir. 2014) (“[T]he burden of proof is on a defendant to show that a transaction that is otherwise prohibited under § 1106 qualifies for an exemption under § 1108.”); Lowen, 829 F.2d at 1215 (“[Because the fiduciary has a virtual monopoly of information concerning the transaction in question, it is in the best position to demonstrate the absence of self-dealing. Placing the burden of proof on the fiduciary [to establish that the transaction in question fell under an exemption] is thus justified.”).