| Volume 111 Number 9 |
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Takata doubles number of airbags recalled, 34 million cars affected in largest recall in US history.Click here for more.
The People’s Lawyer’s Tip of the Day
Is your car on the Takata recall list? It can be hard to find out, especially now that the number of vehicles affected has doubled. The National Highway Traffic Safety Administration (NHTSA) has a website where you can enter your vehicle's VIN to see if your car is affected by the recall, but not all affected vehicles are in that database. You should keep checking back, and it is also a good idea to contact your manufacturer or dealer for information as well. For now, CNN has tried to come up with a current list of affected vehicles. This article also has a link to the NHTSA website. Click here for more.
Your Money
As some families delay having children until later in life, the financial calculations can change. For example, the need for life insurance is greater for older parents to secure the security of their young children. This article discusses the financial matters older parents should consider. Click here for more.
For the Lawyers
The Supreme Court has held that the Employee Retirement Income Security Act's (ERISA) six-year statute of limitations does not bar an action against the managers of a 401K despite the fact that the decision to invest in the funds which was the subject of the suit was made more than six years before the filing of the suit. The suit by former and current employees of Edison International alleged that the fund managers breached their fiduciary duties by placing employee 401k funds in “retail” mutual funds which had higher fees than the lower priced “institutional” funds that were available to the managers. Because the suit had been filed more than six years after the selection of the funds, the district court dismissed the case as barred by ERISA’s six year statute of limitations, and the Ninth Circuit affirmed that dismissal. Reversing that decision, the Supreme Court noted that the fiduciary duty at issue in the ERISA context derived from the common law of trusts, and that the common law of trusts imposed a continuing duty to monitor and remove imprudent investments. Because of this continuing duty, the court ruled that dismissal of the action based merely upon the date of the initial selection of the funds was erroneous. Tibble v. Edison International (USSC 2015). Click here for more.