401(k) Plan Includes Reasonable Investment Options, Directed Trustee Not A Fiduciary: Third Circuit | Practical Law
In Renfro v. Unisys Corp., the US Court of Appeals for the Third Circuit upheld the district court's dismissal of a putative class action alleging the defendants breached their fiduciary duty under ERISA in choosing the investment options available under the Unisys Corp. 401(k) plan. The court also concluded that Fidelity Management Trust Co. did not act as a fiduciary in its capacity as a directed trustee of the plan.