Mark Nebrig, Drew Newman, and Joseph Piligian co-author Bloomberg Law Article
Moore & Van Allen (MVA) Co-head of Litigation Mark A. Nebrig, Litigation Counsel Drew P. Newman, and Litigation Associate Joseph M. Piligian authored the article, “Supreme Court’s ERISA Ruling Will Test Procedural Safeguards,” published by Bloomberg Law on April 24.
The article
A unanimous US Supreme Court decided last week that a plaintiff claiming a transaction is “prohibited” under the Employee Retirement Income Security Act’s Section 406(a)—which prohibits certain transactions between an employee benefit plan and “party in interest”—has no burden to also plead that the transaction doesn’t otherwise fall within an enumerated exemption to these transactions under ERISA Section 408.
The ruling in Cunningham v. Cornell University reversed the US Court of Appeals for the Second Circuit in holding that Section 408’s exemptions are affirmative defenses that must be asserted and proved by defendants. There are several key takeaways from the Supreme Court’s decision.
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