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Grace Elliott

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Grace assists clients on employee benefits matters, including drafting restatements and amendments of plan documents for qualified and health and welfare plans. She also advises clients on compliance issues related to those plans. Grace counsels clients on the design of equity and incentive-based compensation plans. She performs due diligence on benefit and executive compensation matters throughout all phases of corporate transactions.

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Last May, we provided a client alert about a recent federal district court case (Spence v. American Airlines, No. 4:23-cv-00552-O, 2025 WL 225127, at *2 (N.D. Tex. Jan. 10, 2025)), in which a plan sponsor and certain plan fiduciaries were found to have breached their ERISA fiduciary duty of loyalty based primarily on conduct related to proxy voting of securities held in certain of the 401(k) plans’ investment funds. At that time, the court left open the question of whether the breach resulted in any damages to the participants.