ERISA Fiduciary Duty Standards Supreme Court Case
The U.S. Supreme Court is set to hear *Anderson v. Intel Corp. Investment Policy Committee* during its October 2026-2027 term, a case that will examine pleading standards for ERISA fiduciary duty claims, specifically whether plaintiffs must plead a "meaningful benchmark" at the motion-to-dismiss stage. As of July 22, 2026, a federal judge in Atlanta allowed three ERISA claims to proceed against a former retirement plan fiduciary, including claims of fiduciary duty breaches, prohibited transactions, and co-fiduciary liability, following the Supreme Court's agreement to hear the Intel case. The Department of Labor (DOL) filed an amicus brief on July 10, 2026, urging the Supreme Court to affirm the dismissal of imprudence claims against Intel, clarifying that ERISA imprudence claims alleging underperformance require plaintiffs to identify a "meaningful benchmark" with comparable goals and strategies. This marks a shift in the DOL's stance, which reversed its previous position in February 2026 to support efforts to curb ERISA litigation, and follows a significant April 2025 Supreme Court decision in *Cunningham v. Cornell University* that shifted the burden of proof to plan fiduciaries regarding prohibited transaction claims.
Timeline
Want updates on this thread?
Track this storyTimeline of developments
July 2026 — 2 developments
Federal Judge Allows ERISA Claims Against Retirement Plan Fiduciary to Proceed
A federal judge in Atlanta allowed three ERISA claims to proceed against a former retirement plan fiduciary, including claims of fiduciary duty breaches, prohibited transactions, and co-fiduciary liability. This development follows the Supreme Court's agreement to hear *Anderson v. Intel Corp. Investment Policy Committee*, which will examine pleading standards for ERISA fiduciary duty claims.
US Department of Labor Files Amicus Brief in ERISA Case Against Intel
The U.S. Department of Labor filed an amicus brief on July 10, 2026, urging the Supreme Court to affirm the dismissal of imprudence claims against Intel Corporation's 401(k) plan investment committee. The brief clarifies that ERISA imprudence claims alleging underperformance require plaintiffs to identify a "meaningful benchmark" with comparable goals and strategies.
June 2026 — 1 developments
Supreme Court to Consider New Pleading Standard for ERISA Class Actions
The Supreme Court is considering the case Johnson v. Parker-Hannifin, which could establish a new pleading standard for ERISA class actions. The Department of Labor has urged the Court to take the case, arguing that workers should provide benchmark data to support their claims.
April 2026 — 1 developments
Supreme Court Shifts Burden of Proof to Plan Fiduciaries in Cunningham v. Cornell University
A significant April 2025 Supreme Court decision in Cunningham v. Cornell University shifted the burden of proof to plan fiduciaries regarding prohibited transaction claims. The Department of Labor also released a proposed regulation on March 30, 2026, concerning fiduciary duties in selecting investment alternatives, aiming to provide a safe harbor.
March 2026 — 1 developments
Supreme Court Reschedules Oral Arguments for Anderson v. Intel Corp. to October 2026-2027 Term
Oral arguments for Anderson v. Intel Corp. have been rescheduled for the Supreme Court's October 2026-2027 term. The case will address whether plaintiffs must plead a "meaningful benchmark" at the motion-to-dismiss stage for ERISA claims.
February 2026 — 1 developments
DOL reverses stance, now supports curbing ERISA litigation in Supreme Court case
The Department of Labor (DOL) has reversed its previous stance, now supporting efforts to curb ERISA litigation, a notable shift in the context of the Supreme Court case.
January 2026 — 3 developments
Department of Labor to Issue Imminent 401(k) Alternatives Guidance
Department of Labor (DOL) guidance regarding 401(k) alternatives is expected imminently, a development related to the broader context of the Supreme Court case.
Lawsuit Alleges Intel Fiduciaries Breached ERISA Duty with Target-Date Funds
The lawsuit against Intel's fiduciaries specifically alleges a breach of ERISA duty of prudence by investing plan assets in custom target-date funds.
DOL Submits Proposed Regulations on Fiduciary Duties Amidst Supreme Court's Anderson v. Intel Decision
The U.S. Department of Labor (DOL) submitted proposed regulations on "Fiduciary Duties in Selecting Designated Investment Alternatives" on January 13, 2026. This development coincides with the Supreme Court's decision to hear *Anderson v. Intel*.
May 2025 — 1 developments
Ninth Circuit affirms dismissal of Anderson's ERISA claims
The Ninth Circuit Court of Appeals affirmed the district court's dismissal of Anderson's claims, ruling that he failed to plausibly allege a breach of either the duty of prudence or the duty of loyalty. The court emphasized that Anderson did not provide a 'meaningful benchmark' for comparison and that ERISA's prudence duty focuses on the fiduciary's methods, not the investment outcomes.
August 2019 — 1 developments
Former Intel Employee Sues Intel Over Alleged Retirement Plan Mismanagement
Winston Anderson, a former Intel employee, filed a class-action lawsuit against Intel's retirement plan fiduciaries, alleging breaches of fiduciary duty under ERISA. The lawsuit claimed that Intel acted imprudently by investing plan assets in hedge funds and private equity funds, and breached its duty of loyalty by steering retirement funds to companies in which Intel Capital had already invested.