Most 401(k) plans permit a participant to direct the investment of his or her interest among available plan investment options.
On August 19th, the Third Circuit held that defendants did not breach their ERISA fiduciary duties by inadequately selecting a mix of investment options for the Unisys 401(k) plan, in which plaintiffs participated.
In an 11 page opinion published May 27, 2011, Judge Walsh granted a motion under F.R.C.P. 56(d) and quoted another opinion which says “where the facts are in possession of the moving party a continuance of a motion for summary judgment for purposes of discovery should be granted almost as a matter of course.”
A recent opinion from the U.S. Court of Appeals for the Third Circuit confirms that “actual control” over a debtor is not necessary to qualify as a nonstatutory “insider” for the purpose of extending the period for preference recovery under Section 547 of the Bankruptcy Code.