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: Where the concept came from Why it is illegitimate as a substantive rule How it masks high-fee, high-risk products that cannot be meaningfully benchmarked 1. Origins: A … Continue reading Why the “Meaningful Benchmark” Standard Is a Judicial Illusion Built for Wall Street