Page:United States Statutes at Large Volume 100 Part 1.djvu/621

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 585

transmits notice to the party in interest (or such longer period as the Secretary of Labor may permit), such penalty may be in an amount not more than 100 percent of the amount involved. "(C) A fiduciary shall not be liable under subparagraph (A) with respect to a breach of fiduciary duty under subsection (b) committed before becoming a fiduciary or after ceasing to be a fiduciary. "(D) A fiduciary shall be jointly and severally liable under subparagraph (A) for a breach of fiduciary duty under subsection 0)) by another fiduciary if— "(i) the fiduciary participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is such a breach; "(ii) by the fiduciary's failure to comply with subsection (b) in the administration of the fiduciary's specific responsibilities which give rise to the fiduciary status, the fiduciary has enabled such other fiduciary to commit such a breach; or "(iii) the fiduciary has knowledge of a breach by such other fiduciary, unless the fiduciary makes reasonable efforts under the circumstances to remedy the breach. "(E) The Secretary of Labor shall prescribe, in regulations, proce- Regulations. dures for allocating fiduciary responsibilities among fiduciaries, including investment managers. Any fiduciary who, pursuant to such procedures, allocates to a person or persons any fiduciary responsibility shall not be liable for an act or omission of such person or persons unless— "(i) such fiduciary violated subsection (b) with respect to the allocation, with respect to the implementation of the procedures prescribed by the Board, or in continuing such allocation; or "(ii) such fiduciary would otherwise be liable in accordance with subparagraph (D). "(2) A civil action may be brought in the district courts of the Courts, U.S. United States— "(A) by the Secretary of Labor— "(i) to determine and enforce a liability under paragraph (1)(A); "(ii) to collect any civil penalty under paragraph (1)(B); or "(iii) to enjoin any act or practice which violates subsection (g)(2) or (h) of section 8472 of this title; "(B) by the Secretary of Labor, any participant, beneficiary, or fiduciary— "(i) to enjoin any act or practice which violates any provision of subsection (b) or (c); or "(ii) to obtain any other appropriate equitable relief to redress a violation of any such provision; or "(C) by any participant or beneficiary to recover benefits due to him or her under the provisions of subchapter III of this chapter, to enforce his or her rights under such provisions, or to clarify his or her rights to future benefits under such provisions. "(3) An action may not be commenced under paragraph (2) with respect to a fiduciary's breach of any responsibility, duty, or obligation under subsection (b) or a violation of subsection (c) after the earlier of— "(A) 6 years after (i) the date of the last action which constituted a part of the breach or violation, or (ii) in the case of an omission, the latest date on which the fiduciary could have cured the breach or violation; or

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