LAURA L. DIVANE, et al., Plaintiffs-Appellants, v. NORTHWESTERN UNIVERSITY, et al., Defendants-Appellees., 953 F.3d 980

Summary

HOLDINGS: [1]-An ERISA breach of fiduciary duty suit was properly dismissed for failure to state a claim particularly because allegations as to the offering of certain investment options and allowing a particular entity to serve as a record-keeper did not show an ERISA violation as under the plans, no participant was required to invest in this particular account and any participant could avoid any alleged problems with those products by choosing from hundreds of other options; [2]-There was no breach of fiduciary duties by a multi-entity record-keeping arrangement because while record-keeping fees did not have to be individually allocated or based on any specific fee structure; [3]-The failure to select a sole record-keeper for the plan was not a breach of fiduciary duty because ERISA did not require a sole record-keeper or mandate any specific recordkeeping arrangements.