employees and not to promise more than he is willing to pay. d) American General’s Role as Fiduciary For the Retiree Benefit Plan. (1) American General’s Fiduciary Duties American General’s role as a fiduciary of the retiree benefit plans is distinct from its role as the successor to the retiree’s former employer, National Life and NLT. Under Part 4 of ERISA, 29 U.S.C. § 1101-14, standards of fiduciary conduct are imposed upon the administrator of employee benefit plans. Unlike the common law prohibition against dual loyalties, Congress permits the fiduciary of benefit plans to assume multiple obligations. Donovan v. Bierwirth, 538 F.Supp. 463, 468 (E.D.N. Y.1981), modified on other grounds, 680 F.2d 263 (2d Cir.), cert. denied, 459 U.S. 1069, 103 S.Ct. 488, 74 L.Ed.2d 631 (1982) (<HOLDING>). Recognizing the potential conflicts of
holding that the use of fund assets to fend off a hostile tender offer since made without sufficient inquiry into the facts constitutes a violation of the fiduciary standards under erisa holding that complaint stated a claim under erisa for breach of fiduciary duty of among other things prudence where defendants continued to offer a company stock fund as a pension plan alternative when they knew that the stock price was unlawfully and artificially inflated holding under its reading of solomon v pathe commcns corp 672 a2d 35 del1996 and other similar cases that a goingprivate tender transaction made by way of a tender offer is not subject to entire fairness review holding defendants were not liable under erisa because the alleged misstatements were made while acting in a corporate rather than erisa fiduciary capacity holding that a written offer accepted by parol may constitute a sufficient memorandum of the contract provided the person making the offer is the party to be charged