Does a fiduciary have to discharge their duties with care, skill, prudence and diligence?
MultiRegion, United States of America
The following excerpt is from Pac. Shores Hosp. v. United Behavioral Health, 764 F.3d 1030 (9th Cir. 2014):
Pegram v. Herdrich, 530 U.S. 211, 22324, 120 S.Ct. 2143, 147 L.Ed.2d 164 (2000). Fiduciaries must discharge their duties with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Id. at 224 n. 6, 120 S.Ct. 2143 (quoting 29 U.S.C. 1104(a)(1)(B)).
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