On January 19th, the Supreme Court denied certiorari in Hecker v. Deere & Co., 09-447 (S.Ct.) in which employees asserted ERISA claims against their employer, the trustee of their 401(k) plan and the investment managers of the mutual funds offered by the 401(k) plans. In the opinion below, the Seventh Circuit held that neither the 401(k) plan trustee hired by the plan sponsor, nor the investment advisor to the mutual funds included in the 401(k) plans, owed fiduciary duties to the plan participants. Even if the plan trustee limited plan offerings to mutual funds managed by a sister company, the trustee did not exercise sufficient discretionary authority to be a functional fiduciary. The Seventh Circuit further held that the plan sponsor owed no duty to disclose the existence of revenue sharing arrangement between the plan trustee and the investment advisor. See also Order denying rehearing and rehearing en banc.