ERISA Fiduciary Duty Standards Supreme Court Case

Reference TimelineLast updated APR 1
SUMMARY

The Supreme Court will hear oral arguments in Anderson v. Intel Corp. during its October 2026-2027 term, addressing whether plaintiffs must plead a "meaningful benchmark" at the motion-to-dismiss stage for ERISA claims. This 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. As of March 30, 2026, the Department of Labor (DOL) has reversed its previous stance, now supporting efforts to curb ERISA litigation, and released a proposed regulation on March 30, 2026, concerning fiduciary duties in selecting investment alternatives. Winston Anderson, a former Intel employee, filed the class-action lawsuit in August 2019, alleging breaches of fiduciary duty under ERISA by investing plan assets in custom target-date funds and other alternatives.

Timeline

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April 2026 — 1 developments

  1. A significant April 2025 Supreme Court decision in Cunningham v.

    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

  1. Oral arguments for Anderson v.

    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

  1. 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.

    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

  1. Department of Labor (DOL) guidance regarding 401(k) alternatives is expected imminently, a development related to the broader context of the Supreme Court case.

    Department of Labor (DOL) guidance regarding 401(k) alternatives is expected imminently, a development related to the broader context of the Supreme Court case.

  2. The lawsuit against Intel's fiduciaries specifically alleges a breach of ERISA duty of prudence by investing plan assets in custom 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.

  3. The U.S. Department of Labor (DOL) submitted proposed regulations on "Fiduciary Duties in Selecting …

    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

  1. The Ninth Circuit Court of Appeals affirmed the district court's dismissal of Anderson's claims, rul…

    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

  1. Winston Anderson, a former Intel employee, filed a class-action lawsuit against Intel's retirement plan fiduciaries, alleging breaches of fiduciary duty under ERISA.

    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.