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Pioneer Centres Holding Co. Employee Stock Ownership Plan & Trust v. Alerus Fin., N.A., 858 F.3d 1324, 1327 (10th Cir. June 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.