19 Employee Benefits Cas. 2297, Pens. Plan Guide P 23916e Warren A. Maher v. Strachan Shipping Company, United States of America, Intervenor

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• reversing summary judgment for fiduciaries on process-based claim that had been based on three-year limit
• explaining that plaintiffs’ unease with annuity company did not show “that appellants had actual knowledge of the facts necessary to understand that some claim existed, knowledge of the harmful effect the purchase of [the annuity] would have, or knowledge of any actual harm ... ”
• adopting the Third Circuit standard and rejecting the argument “that knowledge of the transaction, i.e. the purchase of Executive Life Annuities, is enough by itself to trigger the three-year statute of limitations.”
• claimants must have been aware of the process utilized in choosing an investment to have actual knowledge of the resulting fiduciary duty breach
• “We also reject Strachan’s argument that knowledge of the transaction, ie. the purchase of Executive Life Annuities, is enough by itself to trigger the three-year statute of limitations.”

Source: CourtListener parenthetical corpus (CC0).