Can individual plaintiffs bring a claim alleging a breach of fiduciary duty for their own benefit?

MultiRegion, United States of America

The following excerpt is from Richardson v. Pension Plan of Bethlehem Steel Corp. and Subsidiary Companies, 67 F.3d 1462 (9th Cir. 1995):

The district court held that individual plaintiffs cannot bring claims alleging a breach of fiduciary duty for their own benefit; rather, the benefit must inure to the Plan as a whole. The district court relied for its holding on Horan v. Kaiser Steel Retirement Plan, 947 F.2d 1412 (9th Cir.1991). Horan, however, does not apply here. In Horan, the plaintiffs sought to impose personal liability on Plan fiduciaries; the Horan plaintiffs asked the court to order the defendants to purchase annuities to which the plaintiffs believed they were entitled. We dismissed the plaintiffs' claims on the ground that "[a]n individual beneficiary may not pursue a fiduciary breach claim to recover benefits or remedies beyond those provided by a plan." Id. at 1417.

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