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CHAO v. MALKANI

No. 05-1654.

452 F.3d 290 (2006)

Elaine L. CHAO, Secretary of Labor, United States Department of Labor, Plaintiff-Appellee, v. Roma MALKANI; Information Systems & Networks Corporation, Defendants-Appellants, and Information Systems and Networks Corporation Employees' Pension Plan; Information Systems and Networks Corporation Profit Sharing Plan; Salomon Smith Barney, Incorporated, Defendants, Clark Consulting, Party in Interest.

United States Court of Appeals, Fourth Circuit.

Decided June 22, 2006.

Attorney(s) appearing for the Case

ARGUED: John Carney Hayes, Jr., Nixon Peabody, L.L.P., Washington, D.C., for Appellants. Evan H. Nordby, United States Department of Labor, Office of the Solicitor, Washington, D.C., for Appellee. ON BRIEF: Leslie P. Machado, Nixon Peabody, L.L.P., Washington, D.C., for Appellants. Howard M. Radzely, Solicitor of Labor, Timothy D. Hauser, Associate Solicitor for Plan Benefits Security, Karen L. Handorf, for Appellate and Special Litigation, Elizabeth Hopkins, Senior Appellate Attorney, Adam Neufeld, United States Department of Labor, Office of the Solicitor, Washington, D.C., for Appellee.

Before WILKINSON, TRAXLER, and GREGORY, Circuit Judges.

Affirmed by published opinion. Judge WILKINSON wrote the opinion, in which Judge TRAXLER and Judge GREGORY joined.

WILKINSON, Circuit Judge.

The Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. § 1001 et seq. (2000), safeguards the assets of employee benefit plans by setting forth standards of conduct for fiduciaries who have discretionary authority over such plans. In this case, the district court held that defendant plan fiduciaries...

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