Over the last decade, a judicially fabricated standard has crept into ERISA litigation: the so-called “meaningful benchmark” requirement for claims alleging imprudence or excessive costs. This appendix explains: 1. Origins: A Procedural Pleading Universe, Not an Investment Principle The idea of a “meaningful benchmark” did not originate in investment theory, economics, or statutes. It was … Continue reading Why the “Meaningful Benchmark” Standard Is a Judicial Illusion Built for Wall Street