ERISA Section 502(l) provides, in pertinent part, that in the case of any breach of fiduciary responsibility
by a fiduciary, the DOL must assess a civil penalty against the fiduciary in an amount equal to 20% of the "applicable recovery amount" (any amount recovered from a fiduciary in accordance with a settlement agreement or court order).
In July 2007, then ICD President Ian Gittlitz was fired and sued, alleging "fraudulent acts and a breach of fiduciary responsibility
If the beneficiaries of each ILIT are not the same people or their benefits are significantly modified, each trustee of the original trust faces the question of whether the sale of that life insurance policy (and its diminution of the beneficiary's benefits) is a breach of fiduciary responsibility
While such cases rarely go to trial, the Delaware chancery court permitted a shareholder derivative suit alleging a breach of fiduciary responsibility
against Disney's board to proceed.
But if you know there is a 100% chance of a natural or manmade disaster affecting your business, is it a breach of fiduciary responsibility
not to take a proactive approach to disaster risk management?