2nd Circuit Partly Reverses In ERISA Mortgage-Backed Securities Case

( March 27, 2026, 10:48 AM EDT) -- NEW YORK — Leaving for the trial court the question of whether a mortgage servicer acted in a fiduciary capacity in the Employee Retirement Income Security Act dispute centered on residential mortgage-backed securities (RMBS), the Second Circuit Court of Appeals on March 26 partly reversed and remanded a ruling against pension fund trustees, concluding that the mortgages underlying three of the six such securities at issue “are plan assets under” the applicable regulation....