the worldcom 401k salary savings plan the plan an employee pension benefit plan as defined by erisa included a number of funds among which was a/

On July 21, 2002, WorldCom filed for bankruptcy. Soon thereafter, certain WorldCom employees who had invested in WorldCom stock through the company’s Plan brought a class-action lawsuit alleging violations of ERISA against certain officers, directors, and employees of WorldCom, including Bernard Ebbers, CEO and president, and Dona Miller, WorldCom’s employee benefits director. The defendants responded that WorldCom alone was the ERISA fiduciary for the 401(k) plan and that ERISA claims for breach of fiduciary duty could be brought only against WorldCom. Ebbers and Miller also asserted that the action sought improperly to extend the duties of disclosure created by the federal securities laws into the ERISA context. Are the officers of a corporate plan administrator liable for breach of fiduciary duty under ERISA? Can an ERISA fiduciary be sued for failure to disclose items required by federal securities law? [In re WorldCom, Inc., ERISA Litigation, 263 F. Supp. 2d 745 (S.D.N.Y. 2003).]