March 24, 2018 / 4:02 AM / a year ago

9th Circuit tosses benefits lawsuit against owners of defunct company

A federal appeals court has thrown out a claim brought against the owners and officers of a now-defunct Las Vegas glass contractor for allegedly breaching their fiduciary duty by not paying contributions to employee benefit plans.

In a 2-1 decision, a panel of the 9th U.S. Circuit Court of Appeals on Wednesday said contributions to employee benefit plans are not considered to be trust assets under the Employee Retirement Income Security Act until they are paid, so Accuracy Glass & Mirror Co’s former owners and executives cannot be sued in their individual capacity over the nonpayments.

To read the full story on Westlaw Practitioner Insights, click here:

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