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Article: “The Role of the Independent Fiduciary in Litigation Settlements” by Stephen Caflisch

The Department of Labor has held that a transaction prohibited by ERISA section 406(a) will occur when a plan fiduciary causes a plan to release a claim against a person who is a party in interest at the time of the settlement. In the Department’s view, such a settlement involves ‘‘an exchange of property (a chose in action) between such [plan] and parties in interest as described in section 406(a)(1)(A).’’

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