Bullock cannot save ERISA fiduciary, a sole corporate shareholder whose company failed to make multiemployer fund contributions, from being unable to discharge his liability through personal bankruptcy

Fiduciaries who breach their duties may pay the consequences far longer than they may think, for they may not even be able to escape liability through personal bankruptcy.  In Raso v. Fahey (In re Fahey), No. 11-1118 (June 11, 2013), the U.S Bankruptcy Court for the District of Massachusetts became the first court to apply the new defalcation guidelines laid down by the Supreme Court in Bullock v. BankChampaign, NA, 133 S. Ct.

Filed under:
USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Shareholder, Employee Retirement Income Security Act 1974 (USA), Fiduciary, Bankruptcy Appellate Panel
Authors:
Ronald J. Kramer
Location:
USA
Firm:
Seyfarth Shaw LLP