12.04.19
Court to Consider 'Actual Knowledge' in Determining the Window for Filing Claims Against Retirement-Plan Fiduciaries
by: Natalya Shnitser
The Supreme Court will hear oral arguments next week in Intel Corp. Investment Policy Committee v. Sulyma on the meaning of “actual knowledge.” Specifically, the justices will consider whether Section 413(2) bars suit when the defendant – here the committees and individuals at Intel responsible for administering the plans in a fiduciary capacity – disclosed the relevant plan information to the plaintiff more than three years before the plaintiff filed the complaint, but the plaintiff chose not to read or could not recall having read the information. The arguments in this case center on the meaning of “actual knowledge” in the post-1987 amended provision. Intel argues that the meaning of “actual knowledge” can vary according to the statutory context. Sulyma disputes any ambiguity in the term “actual knowledge” and argues that the phrase should be read in accordance with its ordinary meaning.
Read the full article on SCOTUSblog