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Employee Retirement Income Security Act Tag Along Claims

Employee Retirement Income Security Act "Tag-Along" Claims

Definition

A type of claim in which plaintiffs assert that, in addition to pension plan fiduciaries, corporate directors and officers are also liable for pension plan defaults and payment shortfalls and therefore must also "tag along" as named defendants in such lawsuits. The rationale for naming directors and officers as defendants in fiduciary claims is that they should also bear responsibility for losses sustained by pension and 401(k) plans because they are responsible for selecting fiduciaries and monitoring their decisions.

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