The Employee Retirement Income Security Act of 1974 (“ERISA”) is a federal statute whose purpose is to protect the interests of participants in employee benefit plans by establishing standards of conduct for fiduciaries of the plans and appropriate remedies for breach of those standards.[1] Under ERISA, plan managers are fiduciaries who owe a duty of loyalty solely to plan participants and are expressly forbidden from engaging in self-dealing transactions. Plan participants

Remember Abacus? Maybe you don’t. It all happened around the time of the Great Recession, more than a decade ago. Goldman Sachs offered certain of its clients several collateralized debt obligations, among them Abacus 2007 AC-1 (“Abacus”). Goldman marketed Abacus as an ordinary asset-based security, which permitted investors to buy shares in a bundle of mortgages. At the same time, Goldman allowed Paulson & Co., a hedge fund, to play an active role in selecting the constit