context: Further, Plaintiffs dissatisfaction with Harley I, that is, what he perceives to be a dramatic undercutting of ERISA's protection of defined benefit plans from fiduciary breach, is insufficient to survive summary judgment. The Eighth Circuit Court of Appeals noted that its standing "decision does not insulate a fiduciary who invests the assets of an overfunded defined benefit plan from liability to the plan for breach of the duty to invest prudently."
citation_a.signal: cf.
citation_a.identifier: 530 U.S. 238, 247
citation_a.parenthetical: "[29 U.S.C. SS 1132(a)] itself demonstrates Congress' care in delineating the universe of plaintiffs who may bring certain civil actions."
citation_a.sentence: Harley I, 284 F.3d at 908 n. 5. Even though most fiduciaries who breach their statutory obligations to overfunded defined benefit plans are effectively immunized from liability, the Secretary of Labor and plan fiduciaries can seek redress for a breach of a fiduciary duty that is owed to an overfunded defined benefit plan, that is, they have standing to sue under 29 U.S.C. § 1132(a)(2). Id.; see also McBride v. PLM Int'l, Inc., 179 F.3d 737, 742 (9th Cir.1999) (stating that 29 U.S.C. § 1132(a)(2) only allows a civil action to be brought by a participant, a beneficiary, a fiduciary or the Secretary of Labor); Tex. Life, Accident, Health & Hosp. Serv. Ins. Guar. Ass’n v. Gaylord Entm’t Co., 105 F.3d 210, 214 (5th Cir.1997) (stating that only the Secretary of Labor, participants, beneficiaries or fiduciaries of plans may bring suit under 29 U.S.C. § 1109); cf. Harris Trust & Sav. Bank v. Salomon Smith Barney, Inc., 530 U.S. 238, 247, 120 S.Ct. 2180, 147 L.Ed.2d 187 (2000) (“[29 U.S.C. § 1132(a)] itself demonstrates Congress’ care in delineating the universe of plaintiffs who may bring certain civil actions.”).
citation_b.signal: see also
citation_b.identifier: 105 F.3d 210, 214
citation_b.parenthetical: stating that only the Secretary of Labor, participants, beneficiaries or fiduciaries of plans may bring suit under 29 U.S.C. SS 1109
citation_b.sentence: Harley I, 284 F.3d at 908 n. 5. Even though most fiduciaries who breach their statutory obligations to overfunded defined benefit plans are effectively immunized from liability, the Secretary of Labor and plan fiduciaries can seek redress for a breach of a fiduciary duty that is owed to an overfunded defined benefit plan, that is, they have standing to sue under 29 U.S.C. § 1132(a)(2). Id.; see also McBride v. PLM Int'l, Inc., 179 F.3d 737, 742 (9th Cir.1999) (stating that 29 U.S.C. § 1132(a)(2) only allows a civil action to be brought by a participant, a beneficiary, a fiduciary or the Secretary of Labor); Tex. Life, Accident, Health & Hosp. Serv. Ins. Guar. Ass’n v. Gaylord Entm’t Co., 105 F.3d 210, 214 (5th Cir.1997) (stating that only the Secretary of Labor, participants, beneficiaries or fiduciaries of plans may bring suit under 29 U.S.C. § 1109); cf. Harris Trust & Sav. Bank v. Salomon Smith Barney, Inc., 530 U.S. 238, 247, 120 S.Ct. 2180, 147 L.Ed.2d 187 (2000) (“[29 U.S.C. § 1132(a)] itself demonstrates Congress’ care in delineating the universe of plaintiffs who may bring certain civil actions.”).