You've taken on the job as ESOP fiduciary. But, you're not the first person to hold this position. Can you be held personally liable for a breach of duty that occurred prior to your appointment? In this article, we will examine the scope of the successor fiduciary's duty in the employee stock ownership plan (ESOP) context by looking at two cases in the Ninth Circuit: Barker v. American Mobile Power Corp., concerning the duty to investigate; and Fernandez v. K-M Indus. Holding Co., Inc., concerning the statute of limitations with which successor trustees must be concerned.
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