Liss v. Smith’s Empirical Analysis
1998
Citation profile
4 federal appellate · 7 district ·
How this case has been cited
Cited by 39 later decisions — most recently March 2019 · most notably In Re Enron Corp. Securities, Derivative & ERISA (2003), 60 F. Supp. 2d 194 - NYSA-ILA Medical & Clinical Services Fund Ex Rel. Capo v. Catucci (1999)
4 federal appellate · 7 district ·
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 29 U.S.C. § 1001 (§ 2 of the Employee Retirement Income Security Act of 1974) · 29 U.S.C. § 1002 (§ 3 of the Employee Retirement Income Security Act of 1974) · 29 U.S.C. § 1104 (§ 404 of the Employee Retirement Income Security Act of 1974) · 29 U.S.C. § 1105 (§ 405 of the Employee Retirement Income Security Act of 1974) · 29 U.S.C. § 1106 (§ 406 of the Employee Retirement Income Security Act of 1974) · 29 U.S.C. § 1109 (§ 409 of the Employee Retirement Income Security Act of 1974) · 29 U.S.C. § 1132 (§ 502 of the Employee Retirement Income Security Act of 1974)
Relies on Mertens v. Hewitt Associates · Central States, Southeast & Southwest Areas Pension Fund v. Central Transport, Inc. · Leigh v. Engle · Katsaros v. Cody · F.H. Krear & Co. v. Nineteen Named Trustees
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 39 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“(i) A determination by the fiduciary that the particular investment or investment course of action is reasonably designed, as part of the portfolio (or, where applicable, that portion of the plan portfolio with respect to which the fiduciary has investment duties), to further the purposes of the plan, taking into consideration the risk of loss and the opportunity for gain (or other return) associated with the investment or investment course of action, and (ii) Consideration of the following factors as they relate to such portion of the portfolio: (A) The composition of the portfolio with regard to diversification; (B) The liquidity and current return of the portfolio relative to the anticipated cash flow requirements of the plan; and (C) The projected return of the portfolio relative to the funding objectives of the plan.”
1 later decision quote this exact passage · from the majority“One participates in a fiduciary’s breach if he or she affirmatively assists, helps conceal, or by virtue of failing to act when required to do so enables it to proceed.... Whether the aid rendered is “enough” to warrant the imposition of liability is essentially a proximate cause inquiry. Thus, though but for causation is not sufficient, liability may attach for acts or omissions that are a “substantial factor in the sequence of responsible causation, and if the injury is reasonably foreseeable or anticipated as a natural consequence.””
1 later decision quote this exact passage · from the majority“A fiduciary with respect to a plan shall not cause the plan to engage in a transaction, if he knows or should know that such transaction constitutes a direct or indirect-- ... (B) lending of money or other extension of credit between the plan and a party in interest; (C) furnishing of goods, services, or facilities between the plan and a party in interest; [or] (D) transfer to, or use by or for the benefit of a party in interest, of any assets of the plan[.]”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.