Pioneer Centres Holding Co. Employee Stock Ownership Plan & Trust v. Alerus Fin., N.A., 858 F.3d 1324, 1327 (10th Cir. June 5, 2017)
Jun 5, 2017
The Tenth Circuit held that the plaintiffs have the burden to prove losses to a retirement plan resulting from an alleged breach of fiduciary duties under ERISA, and rejected the argument that a burden-shifting framework should be applied. Accordingly, the court affirmed summary judgment granted to the defendants because plaintiffs failed to present non-speculative evidence of losses to the plan.