Give the burden to us. Regain your peace of mind.
We’ll take it from here. Call now.

Free Case Consultation
Search

Breach of Fiduciary Duty

The Next Steps Are Critical. As A Former Insurance Company Attorney/insider, I’ll Personally Guide You Through Those Steps And Around Common Pitfalls

Before You Hire Any Attorney, Let Me At Least Do This For You (Free Of Charge):

  • 1 Review Your Denial Letter;
  • 2 Discuss the denial and insurance company tactics in your case with you by phone; and
  • 3 Give you a written step-by-step plan to fight your denial.

Call me or fill out the contact form to get started today.

You can use the plan continue your fight alone, or share it with any other attorney you wish.

Or if you decide you want me to fight for you, no office visit is needed, and you pay nothing – no fee, no costs -- unless we recover.

Listen About Long Term Disability

Breach of Fiduciary Duty

Most private insurance and pension plans are required to adhere to ERISA laws. One of these laws in particular addresses the responsibilities and potential breaches of those in charge of the plan’s financial assets referred to as fiduciaries.

Even though these are private plans, fiduciaries are accountable under the law to their plan members and beneficiaries. They are charged with acting in the best interest of those involved in the plan, avoiding conflicts of interest, and not making decisions for their own financial gain. When fiduciaries break the law, their actions can lead to breach of fiduciary duty insurance claims. In order to learn more, individuals should meet with a knowledgeable bad faith lawyer that could answer their questions.

Defining ERISA Plans and Fiduciaries

The Employee Retirement Income Security Act of 1974—ERISA for short—sets minimum standards for most private benefit plans and protects plan participants. Congress has given the Department of Labor (DOL) authority to regulate ERISA. However, it is important to note that ERISA does not cover religious or government-sponsored insurance or pension plans.

A fiduciary is any person who exercises discretionary authority over the assets of an ERISA plan, charges for investment advice in regards to the assets of the plan, or has any discretionary authority in the administration of the plan. However, the DOL has stated that for the purpose of fiduciary liability under ERISA, stockbrokers are not inherently considered investment advisors.

Claims for Breach of Fiduciary Duty

With institutionally sponsored ERISA plans spreading, the importance of fiduciary provisions in ERISA law grows. Under ERISA §502(a), plan members, beneficiaries, and the Secretary of Labor have the right to file claims for breaches of fiduciary duty.

However, only named fiduciaries or parties who had discretionary control over the operation or administration of the ERISA plan can have claims for breach of fiduciary duty filed against them. Specifically, ERISA breach of fiduciary duty claims usually center around one or more of the following actions:

  • Self-dealing in investing the plan’s assets
  • Failing to appropriately fund a plan
  • Failing to diversify the plan’s investments
  • Misleading plan participants about aspects of the plan
  • Failing to carefully monitor other fiduciaries

ERISA laws specifically state that plan fiduciaries shall act only in the interest of the plan participants and beneficiaries. If they do not, they have breached their fiduciary duty. Fiduciaries who breach any portion of their duties under ERISA statutes have a personal liability to make up to the plan any losses incurred or profits ill-gained as a result of their breach.

Holding Fiduciaries Accountable for Breach of Fiduciary Duty in ERISA Claims

ERISA fiduciaries are typically entrusted with millions of dollars in assets that belong to plan members. As such, they should be and are held to extremely high standards under ERISA laws, and they should face consequences if they do not meet these standards.

A dedicated lawyer could work with you to hold the fiduciaries of your ERISA plan accountable for their actions. If you believe that the administrator or someone else in charge of your ERISA plan has not been upholding their fiduciary responsibilities outlined under ERISA, call today to learn more about your legal rights and options for ERISA breach of fiduciary duty claims.

Our Client Testimonials

Contact Us Today

Complete the confidential form below for a free, no obligation case evaluation and we’ll tell you how we can help.
You may also call us at the number below.  J. Price McNamara and his legal support team are focused on building a strong case for you.

  • This field is for validation purposes and should be left unchanged.

Three Office Locations

Baton Rouge Office

10455 Jefferson Hwy,
Suite 2B
Baton Rouge, LA 70809
Phone: (225) 201-8311
Fax: (225) 201-8313
(By Appointment)

New Orleans Office

4141 Veterans Memorial Blvd.
Suite 212
Metairie, LA 70002
Phone: (504) 458-8455
Fax: (225) 201-8313
(By Appointment)

Houston Office

363 N Sam Houston Pkwy E
Ste 1100 PMB, #114
Houston, TX 77060
Phone: (713) 439-0339
Fax: (225) 201-8313
(By Appointment)

Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Testimonials are not a guarantee, warranty, or prediction of the outcome of your case. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided.

Nuvew | Copyright 2019. All Rights Reserved

Call Now Button