Nearly 100 former Ruby Tuesday Inc. employees who say they’re collectively owed more than $35 million under a pair of executive compensation plans lost their lawsuit seeking to recover these benefits from plan trustee Regions Bank.
The relevant plans are exempt from the Employee Retirement Income Security Act’s substantive fiduciary requirements because they’re top-hat plans covering a limited group of high-level employees, Judge Clifton L. Corker said. The employees can’t get around this fact by bringing fiduciary breach claims under state law, Corker said in a Monday opinion awarding summary judgment to Regions.
The lawsuit also fails because it seeks ...
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