Catholic Law’s Student Scholars Series hosted its first event of the season on March 18, featuring a presentation by Christian Trowbridge, a third-year law student. Trowbridge’s work, titled “Fiduciary Breach Under ERISA: Who Bears The Burden Of Loss Causation,” examined the complexities surrounding who is responsible for proving loss causation in litigation under the Employee Retirement Income Security Act (ERISA) after a fiduciary breach has been established. Robert A. Friedman, Partner at Holland & Knight, responded to Trowbridge’s presentation.
The topic is significant because ERISA does not specify which party must prove that an employer’s breach caused a loss to a retirement plan. This lack of clarity has led to differing interpretations among U.S. courts of appeals and affects how plaintiffs and employers approach such cases.
Trowbridge argued that once plaintiffs have shown both a fiduciary breach and a loss, the burden should shift to the employer to prove their breach did not cause the loss. He said courts should look to the common law of trusts and principles of equity when ERISA is silent on this issue. According to Trowbridge, employers generally have better access to relevant retirement plan information, while plaintiffs already face challenges in proving both breach and loss.
The Columbus School of Law Student Scholars Series was established in 2009 to recognize notable legal scholarship produced by students during the academic year and help them develop skills needed for presenting and defending their work in professional settings.
A recording of Trowbridge’s March 18 program is available for those interested in learning more about his analysis.
