On July 10, the Department of Labor told the Supreme Court that retirement plan fiduciaries should be judged by how they made their decision, not by whether the decision made money. The brief, filed in Anderson v. Intel Corp. Investment Policy Committee, argues that ERISA imprudence claims require a named benchmark and a documented process, not just a bad quarter. Washington is treating this as doctrine in the making. A Massachusetts judge settled the question 196 years ago.
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