Former Ruby Tuesday Inc. executives have failed to revive state-law claims against Regions Bank aimed at clawing back retirement benefits lost when the restaurant chain went bankrupt.
The Employment Retirement Income Security Act exempts retirement plans for high-level managers from its fiduciary-duty requirements, mandating managers protect themselves through contract rather than through 50 potentially conflicting state-law standards of conduct, the US Court of Appeals for the Sixth Circuit said Thursday.
The appellate court also rejected the managers’ attempt to recover their lost benefits from Regions under an ERISA provision allowing them equitable relief, affirming a lower court ruling.
The Supreme ...
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