In Daniel v. International Brotherhood of Teamsters the Seventh Circuit Court of Appeals held that the federal securities laws apply to disclosure of information regarding employee pension and profit sharing plans. In an era when disclosure of information has become mandatory and commonplace, it is not surprising that relevant information on pension plans should be disclosed to employees. The important aspect of this case is that disclosure was required under the anti-fraud provisions of the federal securities laws, rather than under the provisions of the Employee Retirement Income Security Act (ERISA). Questions concerning the Securities and Exchange Commission's jurisdiction over employee pension and profit sharing plans represent an unsettled area of the law. The Seventh Circuit decided in Daniel that the scope of the Commission's jurisdiction does include these plans.
Emery, Marlene P. and Heinzerling, Barbara M.
"Anti-fraud Provisions of the Securities Act; ERISA; Pension Plans; Section 17(a) Private Right of Action; Daniel v. International Brotherhood of Teamsters,"
Akron Law Review: Vol. 11
, Article 7.
Available at: https://ideaexchange.uakron.edu/akronlawreview/vol11/iss3/7