Legal Teams Weigh In
Though spokespeople for HP, Hutchins, and the DOL did not immediately comment Thursday, the legal battleground is set:
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The DOL is represented by Emily H. Su, Wayne R. Berry, Megan E. Guenther, Thomas F. Garrity, and Emma Goold from the Plan Benefits Security Division.
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Hutchins is represented by Matthew Bryan Hayes and Kye Douglas Pawlenko of Hayes Pawlenko LLP.
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HP Inc. is represented by a team at Morgan Lewis & Bockius LLP, including Deborah Shannon Davidson, Mark Andrew Feller, Matthew Allen Russell, Samuel Block, and Michael E. Kenneally.
The Ninth Circuit now must decide whether the lower court properly recognized that using forfeited contributions as a funding tool — rather than to offset fees — is not, in itself, a breach of fiduciary duty. Until then, the case remains a critical flashpoint in the evolving landscape of 401(k) plan governance and ERISA litigation.
