{"attribution":{"source":"legal.exploreworldai.com","canonical":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca11-25-10692-2026-08-17","cite_as":"NovaCopilot, legal.exploreworldai.com (https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca11-25-10692-2026-08-17)","license":"https://legal.exploreworldai.com/revision","version":"legal-2026-11-02","fingerprint":"ewai:us:840ec5","proof":"sha256:86e39fccf1dec6d978e4782862819a211e2b9c18d9eee096cdbd3ddeba12c210","jurisdiction":"us","lang":"en","publisher":"NovaCopilot by ExploreWorld Legal","terms":"https://legal.exploreworldai.com/om"},"brand_source":"Source: NovaCopilot","item":{"schema_version":"1.0.0","id":"us:ca11-25-10692-2026-08-17","jurisdiction":"us","lang":"en","brand_source":"Source: NovaCopilot","brand":{"product":"NovaCopilot","platform":"ExploreWorldAI","infrastructure":"ExploreWorld Legal","infrastructure_url":"legal.exploreworldai.com","legal_entity":"Valkiv Ventures AB","permanent_url":"https://legal.exploreworldai.com/novacopilot","source":"Source: NovaCopilot","powered_by":"Powered by NovaCopilot","license":"https://legal.exploreworldai.com/licensvillkor"},"sections":[{"title":"Front matter","paragraphs":["para_1","para_2","para_3","para_4","para_5","para_6","para_7","para_8","para_9","para_10","para_11","para_12","para_13","para_14","para_15","para_16","para_17","para_18","para_19","para_20","para_21","para_22","para_23","para_24","para_25","para_26","para_27","para_28","para_29","para_30","para_31","para_32","para_33","para_34","para_35","para_36","para_37","para_38","para_39","para_40","para_41","para_42","para_43","para_44","para_45","para_46","para_47","para_48","para_49","para_50","para_51","para_52","para_53","para_54","para_55","para_56","para_57","para_58","para_59","para_60","para_61","para_62","para_63","para_64","para_65","para_66","para_67","para_68","para_69","para_70","para_71","para_72","para_73","para_74","para_75","para_76","para_77","para_78","para_79","para_80","para_81","para_82","para_83","para_84","para_85","para_86","para_87","para_88","para_89","para_90","para_91","para_92","para_93","para_94","para_95","para_96","para_97","para_98","para_99","para_100","para_101","para_102","para_103","para_104","para_105","para_106","para_107","para_108","para_109","para_110","para_111","para_112","para_113","para_114","para_115","para_116","para_117","para_118","para_119","para_120","para_121","para_122","para_123","para_124","para_125","para_126","para_127","para_128","para_129","para_130","para_131","para_132","para_133","para_134","para_135","para_136","para_137","para_138","para_139","para_140","para_141","para_142","para_143","para_144","para_145","para_146","para_147","para_148","para_149","para_150","para_151","para_152","para_153","para_154","para_155","para_156","para_157","para_158","para_159","para_160","para_161","para_162","para_163","para_164","para_165","para_166","para_167","para_168","para_169","para_170","para_171","para_172","para_173","para_174","para_175","para_176","para_177","para_178","para_179","para_180","para_181","para_182","para_183","para_184","para_185","para_186","para_187","para_188","para_189","para_190","para_191","para_192","para_193","para_194","para_195","para_196","para_197","para_198","para_199","para_200","para_201","para_202","para_203","para_204","para_205","para_206","para_207","para_208","para_209","para_210","para_211","para_212","para_213","para_214","para_215","para_216","para_217","para_218","para_219","para_220","para_221","para_222","para_223","para_224","para_225","para_226","para_227","para_228","para_229","para_230","para_231","para_232","para_233","para_234","para_235","para_236","para_237","para_238","para_239","para_240","para_241","para_242","para_243","para_244","para_245","para_246","para_247","para_248","para_249","para_250","para_251","para_252","para_253","para_254","para_255","para_256","para_257","para_258","para_259","para_260","para_261","para_262","para_263","para_264","para_265","para_266","para_267","para_268","para_269","para_270","para_271","para_272","para_273","para_274","para_275","para_276","para_277","para_278","para_279","para_280","para_281","para_282","para_283","para_284","para_285","para_286","para_287","para_288","para_289","para_290","para_291","para_292","para_293","para_294","para_295","para_296","para_297","para_298","para_299","para_300","para_301","para_302","para_303","para_304","para_305","para_306","para_307","para_308","para_309","para_310","para_311","para_312","para_313","para_314","para_315","para_316","para_317","para_318","para_319","para_320","para_321","para_322","para_323","para_324","para_325","para_326","para_327","para_328","para_329","para_330","para_331","para_332","para_333","para_334","para_335","para_336","para_337","para_338","para_339","para_340","para_341","para_342","para_343","para_344","para_345","para_346","para_347","para_348","para_349","para_350","para_351","para_352","para_353","para_354","para_355","para_356","para_357","para_358","para_359","para_360","para_361","para_362","para_363","para_364","para_365","para_366"],"kind":"front_matter"}],"paragraphs":[{"text":"FOR PUBLICATION","paragraph_id":"para_1"},{"text":"In the","paragraph_id":"para_2"},{"text":"United States Court of Appeals","paragraph_id":"para_3"},{"text":"For the Eleventh Circuit","paragraph_id":"para_4"},{"text":"____________________","paragraph_id":"para_5"},{"text":"No. 25-10692","paragraph_id":"para_6"},{"text":"____________________","paragraph_id":"para_7"},{"text":"ANN JOHNSON,","paragraph_id":"para_8"},{"text":"as the representative of a class of similarly","paragraph_id":"para_9"},{"text":"situated persons, and on behalf of Royal","paragraph_id":"para_10"},{"text":"Caribbean Cruises Ltd Retirement Savings Plan,","paragraph_id":"para_11"},{"text":"Plaintiff-Appellant,","paragraph_id":"para_12"},{"text":"versus","paragraph_id":"para_13"},{"text":"RUSSELL INVESTMENT MANAGEMENT, LLC,","paragraph_id":"para_14"},{"text":"RUSSELL INVESTMENTS TRUST COMPANY,","paragraph_id":"para_15"},{"text":"f.k.a. Russell Trust Company,","paragraph_id":"para_16"},{"text":"Defendants,","paragraph_id":"para_17"},{"text":"ROYAL CARIBBEAN CRUISES LTD.,","paragraph_id":"para_18"},{"text":"ROYAL CARIBBEAN CRUISES LTD.,","paragraph_id":"para_19"},{"text":"Defendants-Appellees.","paragraph_id":"para_20"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 1 of 14","paragraph_id":"para_21"},{"text":"2 Opinion of the Court 25-10692","paragraph_id":"para_22"},{"text":"____________________","paragraph_id":"para_23"},{"text":"Appeal from the United States District Court","paragraph_id":"para_24"},{"text":"for the Southern District of Florida","paragraph_id":"para_25"},{"text":"D.C. Docket No. 1:22-cv-21735-RNS","paragraph_id":"para_26"},{"text":"____________________","paragraph_id":"para_27"},{"text":"Before JILL PRYOR, LUCK, and BRASHER, Circuit Judges.","paragraph_id":"para_28"},{"text":"BRASHER, Circuit Judge:","paragraph_id":"para_29"},{"text":"This appeal is about whether Royal Caribbean breached its","paragraph_id":"para_30"},{"text":"fiduciary duty under the Employee Retirement Income Security","paragraph_id":"para_31"},{"text":"Act. Ann Johnson, on behalf of a class of similarly situated plaintiffs,","paragraph_id":"para_32"},{"text":"complained that Royal Caribbean breached its obligation to pru-","paragraph_id":"para_33"},{"text":"dently select investments for its employee retirement plan. Specif-","paragraph_id":"para_34"},{"text":"ically, she alleged that Royal Caribbean’s decision to replace Van-","paragraph_id":"para_35"},{"text":"guard Target Date Funds with Russell Target Date Funds in the","paragraph_id":"para_36"},{"text":"plan’s menu of investment options caused the class members’","paragraph_id":"para_37"},{"text":"losses because the investment was objectively imprudent.","paragraph_id":"para_38"},{"text":"The district court granted summary judgment because it","paragraph_id":"para_39"},{"text":"concluded that Johnson was obligated to, but did not, submit evi-","paragraph_id":"para_40"},{"text":"dence that the Russell Target Date Funds was objectively impru-","paragraph_id":"para_41"},{"text":"dent compared to another target date fund that had the same in-","paragraph_id":"para_42"},{"text":"vestment strategy and risk profile. We believe the district court","paragraph_id":"para_43"},{"text":"erred. An ERISA plaintiff need not identify an apples-to-apples","paragraph_id":"para_44"},{"text":"comparison to establish objective imprudence in every case. In this","paragraph_id":"para_45"},{"text":"case, Johnson argues that the very features that distinguish the Rus-","paragraph_id":"para_46"},{"text":"sell Target Date Funds from otherwise comparable funds are what","paragraph_id":"para_47"},{"text":"made the Russell funds an objectively imprudent investment. Be-","paragraph_id":"para_48"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 2 of 14","paragraph_id":"para_49"},{"text":"25-10692 Opinion of the Court 3","paragraph_id":"para_50"},{"text":"cause a plaintiff may, but need not, rely on apples-to-apples com-","paragraph_id":"para_51"},{"text":"parator evidence at summary judgment in a breach of fiduciary","paragraph_id":"para_52"},{"text":"duty case like this one, we reverse and remand for the district court","paragraph_id":"para_53"},{"text":"to consider the full record on the issue of objective imprudence.","paragraph_id":"para_54"},{"text":"I.","paragraph_id":"para_55"},{"text":"We will start with some background information about re-","paragraph_id":"para_56"},{"text":"tirement plans and target date funds. A self-directed retirement","paragraph_id":"para_57"},{"text":"plan provides a menu of investment options from which partici-","paragraph_id":"para_58"},{"text":"pants can choose to invest their funds. The investment menu is set","paragraph_id":"para_59"},{"text":"by the plan’s sponsor—here, Royal Caribbean. Many plans, like the","paragraph_id":"para_60"},{"text":"one in this case, offer target date funds, or TDFs, as an option. A","paragraph_id":"para_61"},{"text":"TDF is an investment vehicle that simplifies retirement planning","paragraph_id":"para_62"},{"text":"by allowing investors to invest all their savings in a single diversi-","paragraph_id":"para_63"},{"text":"fied fund that changes its asset allocation over time based on a tar-","paragraph_id":"para_64"},{"text":"get retirement date, rather than actively managing many different","paragraph_id":"para_65"},{"text":"investments across their portfolio. Consistent with investing best","paragraph_id":"para_66"},{"text":"practices, TDFs adjust their asset allocation to become more con-","paragraph_id":"para_67"},{"text":"servative as the investor’s retirement date (i.e., the fund’s “target","paragraph_id":"para_68"},{"text":"date”) approaches. A TDF’s approach to risk is called its","paragraph_id":"para_69"},{"text":"“glidepath.” Some TDFs use “to” glidepaths (i.e., assets are most","paragraph_id":"para_70"},{"text":"conservatively allocated at the target date—the most conservative","paragraph_id":"para_71"},{"text":"approach), while other TDFs employ “through” glidepaths (i.e., as-","paragraph_id":"para_72"},{"text":"sets reach the most conservative allocation some period of years","paragraph_id":"para_73"},{"text":"beyond the target date—a less conservative approach).","paragraph_id":"para_74"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 3 of 14","paragraph_id":"para_75"},{"text":"4 Opinion of the Court 25-10692","paragraph_id":"para_76"},{"text":"Now, with the stage set, we move to the facts leading to this","paragraph_id":"para_77"},{"text":"dispute. In 2014, Royal Caribbean’s Investment Committee de-","paragraph_id":"para_78"},{"text":"cided to restructure its employee retirement plan.1 To that end, the","paragraph_id":"para_79"},{"text":"Committee established a Request for Proposal Team to solicit","paragraph_id":"para_80"},{"text":"RFPs from investment companies for Plan advisory and manage-","paragraph_id":"para_81"},{"text":"ment services. Eleven prospective vendors submitted proposals,","paragraph_id":"para_82"},{"text":"and Royal Caribbean’s outside counsel prepared a memorandum","paragraph_id":"para_83"},{"text":"to evaluate each one. Although the memorandum did not list Rus-","paragraph_id":"para_84"},{"text":"sell among the initial top four contenders, it noted that “Russell’s","paragraph_id":"para_85"},{"text":"strength is their expertise in providing consulting services and in-","paragraph_id":"para_86"},{"text":"vestment advice.” Doc 177-29 at 5. Upon reviewing the memo, the","paragraph_id":"para_87"},{"text":"RFP Team selected Russell as one of its four finalists because of its","paragraph_id":"para_88"},{"text":"“[s]trong expertise in providing consulting service and investment","paragraph_id":"para_89"},{"text":"advice.” Doc. 177-30 at 4. But in its early assessment, the RFP Team","paragraph_id":"para_90"},{"text":"also recognized that Russell did have a few “downside[s]”: their","paragraph_id":"para_91"},{"text":"“pricing was on the high end,” they mandated that at least 75% of","paragraph_id":"para_92"},{"text":"Plan fund offerings be Russell funds, and they required engaging a","paragraph_id":"para_93"},{"text":"third-party recordkeeping service provider. Id.","paragraph_id":"para_94"},{"text":"Meanwhile, the Investment Committee considered “various","paragraph_id":"para_95"},{"text":"[TDF] offerings, including historical returns, diversification strate-","paragraph_id":"para_96"},{"text":"gies, management strategies[,] and expense ratios” to add to the","paragraph_id":"para_97"},{"text":"Plan’s investment menu during the pendency of the RFP process.","paragraph_id":"para_98"},{"text":"1 At the time, Royal Caribbean’s retirement scheme included a Pension Plan","paragraph_id":"para_99"},{"text":"and a 401(k) Plan. In December 2015, the Plans were merged into a single","paragraph_id":"para_100"},{"text":"401(k) Plan. The distinction between the two plans is not relevant to this ap-","paragraph_id":"para_101"},{"text":"peal. For simplicity, we refer to Royal Caribbean’s retirement scheme as the","paragraph_id":"para_102"},{"text":"singular “Plan.”","paragraph_id":"para_103"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 4 of 14","paragraph_id":"para_104"},{"text":"25-10692 Opinion of the Court 5","paragraph_id":"para_105"},{"text":"Doc. 177-6 at 3. The Committee “resolved to add the Vanguard","paragraph_id":"para_106"},{"text":"[TDF] . . . to the Plan portfolio” and set the Vanguard TDF as “the","paragraph_id":"para_107"},{"text":"Plan’s default fund.” Id.","paragraph_id":"para_108"},{"text":"In August 2014, Russell gave an in-person presentation to","paragraph_id":"para_109"},{"text":"the Committee. The presentation highlighted the Russell TDF se-","paragraph_id":"para_110"},{"text":"ries’ distinguishing characteristics, including its “to” glidepath and","paragraph_id":"para_111"},{"text":"its bias towards investing in emerging markets and real assets rela-","paragraph_id":"para_112"},{"text":"tive to its competitors, which tended to be more heavily invested","paragraph_id":"para_113"},{"text":"in U.S. equities. Russell also submitted follow up information to","paragraph_id":"para_114"},{"text":"the Committee, including historical returns for the funds in Rus-","paragraph_id":"para_115"},{"text":"sell’s proposed investment menu lineup, which compared the","paragraph_id":"para_116"},{"text":"funds’ performance to composite benchmarks.","paragraph_id":"para_117"},{"text":"The Investment Committee subsequently replaced the Van-","paragraph_id":"para_118"},{"text":"guard TDF series with the Russell TDF series. And in September","paragraph_id":"para_119"},{"text":"2015, Royal Caribbean and Russell officially entered into an Invest-","paragraph_id":"para_120"},{"text":"ment Management Agreement.","paragraph_id":"para_121"},{"text":"According to Johnson, the Investment Committee made a","paragraph_id":"para_122"},{"text":"very bad decision. The Russell TDFs never had more than 12 cli-","paragraph_id":"para_123"},{"text":"ents and had lost their two largest clients to the Vanguard TDFs in","paragraph_id":"para_124"},{"text":"2014, the year before Royal Caribbean’s decision to move from","paragraph_id":"para_125"},{"text":"Vanguard to Russell. Johnson’s expert testified that, at the time of","paragraph_id":"para_126"},{"text":"this decision, the Russell TDFs “had inferior characteristics with re-","paragraph_id":"para_127"},{"text":"spect to the commonly used risk, return, and risk-adjusted return","paragraph_id":"para_128"},{"text":"metrics.” Doc. 186-6 at 5. Adjusting for the risk of the Russell TDF","paragraph_id":"para_129"},{"text":"funds since their inception, “the risk-adjusted returns for Russell","paragraph_id":"para_130"},{"text":"[we]re lower than that for each of the corresponding vintage","paragraph_id":"para_131"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 5 of 14","paragraph_id":"para_132"},{"text":"6 Opinion of the Court 25-10692","paragraph_id":"para_133"},{"text":"funds.” Id. at 7. Finally, as of December 2014, Morningstar had","paragraph_id":"para_134"},{"text":"rated the “Russell LifePoints Target Date Series” (Russell’s retail","paragraph_id":"para_135"},{"text":"mutual fund TDF, which is allegedly similar to the Russell TDF","paragraph_id":"para_136"},{"text":"series that was included in the Plan) with a “[n]egative” rating. Doc.","paragraph_id":"para_137"},{"text":"186-12 at 2.","paragraph_id":"para_138"},{"text":"From 2015 to 2019 (when Royal Caribbean removed the","paragraph_id":"para_139"},{"text":"Russell TDF series from the investment menu), the Russell TDF","paragraph_id":"para_140"},{"text":"underperformed the Vanguard TDF (which it replaced) and the","paragraph_id":"para_141"},{"text":"American Funds TDF (which eventually replaced the Russell","paragraph_id":"para_142"},{"text":"TDF). In fact, comparing the Russell TDF with the legacy Van-","paragraph_id":"para_143"},{"text":"guard TDF and the replacement American Funds TDF, the Russell","paragraph_id":"para_144"},{"text":"TDF underperformed, on an annualized basis, by an average of","paragraph_id":"para_145"},{"text":"1.51% and 2.12%, respectively, from October 2015 until May 2019.","paragraph_id":"para_146"},{"text":"During that same period, the Russell TDF also underperformed its","paragraph_id":"para_147"},{"text":"composite benchmark, ranging from 0.38% to 0.97% annual under-","paragraph_id":"para_148"},{"text":"performance, for an asset-weighted average underperformance of","paragraph_id":"para_149"},{"text":"0.71%.","paragraph_id":"para_150"},{"text":"Within the first few years of the Royal Caribbean–Russell","paragraph_id":"para_151"},{"text":"relationship, Russell recognized Royal Caribbean’s frustration with","paragraph_id":"para_152"},{"text":"the Russell TDF series’ performance. For example, in an internal","paragraph_id":"para_153"},{"text":"2017 email, Russell executive Stacey Bro stated that, “based on","paragraph_id":"para_154"},{"text":"longer-term historical peer relative performance [of the Russell","paragraph_id":"para_155"},{"text":"TDF series],” Royal Caribbean may “think they have made a bad","paragraph_id":"para_156"},{"text":"fiduciary decision.” Doc. 186-36 at 2. Similarly, in another internal","paragraph_id":"para_157"},{"text":"2017 email, Russell’s Director of Institutional Investment Solu-","paragraph_id":"para_158"},{"text":"tions, Lynn Pfeiffer, noted that other clients were moving away","paragraph_id":"para_159"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 6 of 14","paragraph_id":"para_160"},{"text":"25-10692 Opinion of the Court 7","paragraph_id":"para_161"},{"text":"from the Russell TDF because “as a fiduciary it is hard to go with","paragraph_id":"para_162"},{"text":"worse numbers and higher fees.” Doc. 186-68 at 3. And finally, an","paragraph_id":"para_163"},{"text":"internal 2018 strategy presentation to Russell executives specified","paragraph_id":"para_164"},{"text":"that Russell’s “fees [were] now high relative to peers.” Doc. 191-9","paragraph_id":"para_165"},{"text":"at 5.","paragraph_id":"para_166"},{"text":"In April 2019, Royal Caribbean terminated Russell’s Invest-","paragraph_id":"para_167"},{"text":"ment Management Agreement. And in May 2019, the Committee","paragraph_id":"para_168"},{"text":"replaced the Russell TDF series with the American Funds TDF se-","paragraph_id":"para_169"},{"text":"ries.","paragraph_id":"para_170"},{"text":"Johnson, a participant of the Plan who invested in the Rus-","paragraph_id":"para_171"},{"text":"sell TDF series, on behalf of a class of similarly situated plaintiffs,","paragraph_id":"para_172"},{"text":"sued Royal Caribbean and Russell for breaching “ERISA’s strict fi-","paragraph_id":"para_173"},{"text":"duciary standards.” Doc. 31 at 26. As relevant here, she alleged that","paragraph_id":"para_174"},{"text":"Royal Caribbean imprudently selected Russell as the Plan’s invest-","paragraph_id":"para_175"},{"text":"ment manager, failed to monitor the Plan’s investment menu and","paragraph_id":"para_176"},{"text":"the Russell TDF series’ performance, and failed to monitor the In-","paragraph_id":"para_177"},{"text":"vestment Committee. She specifically claimed that the Russell","paragraph_id":"para_178"},{"text":"TDF series’ underperformance, “to” glidepath selection, and high","paragraph_id":"para_179"},{"text":"fees relative to other TDFs demonstrated that it was an objectively","paragraph_id":"para_180"},{"text":"bad investment.","paragraph_id":"para_181"},{"text":"Following discovery, Royal Caribbean and Russell both filed","paragraph_id":"para_182"},{"text":"motions for summary judgment, which the district court granted.","paragraph_id":"para_183"},{"text":"In granting summary judgment for Royal Caribbean, the district","paragraph_id":"para_184"},{"text":"court reasoned that an ERISA plaintiff must identify comparator","paragraph_id":"para_185"},{"text":"funds to establish objective imprudence through an “apples-to-ap-","paragraph_id":"para_186"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 7 of 14","paragraph_id":"para_187"},{"text":"8 Opinion of the Court 25-10692","paragraph_id":"para_188"},{"text":"ples” comparison. Doc. 273 at 16. It then held that Johnson had re-","paragraph_id":"para_189"},{"text":"lied on “[i]mproper [c]omparators,” such as the Vanguard and","paragraph_id":"para_190"},{"text":"American funds, id., that Russell’s custom TDF benchmark was the","paragraph_id":"para_191"},{"text":"only “[p]roper [c]omparator,” and that the court did not need to","paragraph_id":"para_192"},{"text":"consider any “[o]ther [e]vidence of [a]lleged [o]bjective [i]mpru-","paragraph_id":"para_193"},{"text":"dence,” id. at 19–20.","paragraph_id":"para_194"},{"text":"Johnson timely appealed. While the appeal was pending,","paragraph_id":"para_195"},{"text":"Johnson and Russell reached a settlement and jointly moved for","paragraph_id":"para_196"},{"text":"voluntary dismissal of the appeal, which we granted. Royal Carib-","paragraph_id":"para_197"},{"text":"bean Cruises Ltd. and Royal Caribbean Cruises Ltd.’s Investment","paragraph_id":"para_198"},{"text":"Committee (collectively, Royal Caribbean) are the only remaining","paragraph_id":"para_199"},{"text":"appellees.","paragraph_id":"para_200"},{"text":"II.","paragraph_id":"para_201"},{"text":"We review the district court’s decision to grant summary","paragraph_id":"para_202"},{"text":"judgment de novo. Baker v. Upson Reg’l Med. Ctr., 94 F.4th 1312,","paragraph_id":"para_203"},{"text":"1316–17 (11th Cir. 2024).","paragraph_id":"para_204"},{"text":"III.","paragraph_id":"para_205"},{"text":"ERISA requires fiduciaries administering employee benefit","paragraph_id":"para_206"},{"text":"plans to prudently investigate, choose, and monitor investments.","paragraph_id":"para_207"},{"text":"29 U.S.C. §§ 1104(a)(1)(B), 1109(a). We recently addressed how a","paragraph_id":"para_208"},{"text":"participant in a plan can prove a fiduciary breach under ERISA’s","paragraph_id":"para_209"},{"text":"section 1109(a). See Pizarro v. Home Depot, Inc., 111 F.4th 1165 (11th","paragraph_id":"para_210"},{"text":"Cir. 2024). In Pizarro, we held that “liability turns not only on an","paragraph_id":"para_211"},{"text":"imprudent process, but also on that process resulting in an impru-","paragraph_id":"para_212"},{"text":"dent investment.” Id. at 1176. In other words, to establish fiduciary","paragraph_id":"para_213"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 8 of 14","paragraph_id":"para_214"},{"text":"25-10692 Opinion of the Court 9","paragraph_id":"para_215"},{"text":"liability, we held that a plaintiff must demonstrate (1) procedural","paragraph_id":"para_216"},{"text":"imprudence (i.e., “imprudent process”) and (2) loss causation (i.e.,","paragraph_id":"para_217"},{"text":"“resulting in an imprudent investment”). Id.","paragraph_id":"para_218"},{"text":"Loss causation, not imprudent process, is the focus for us to-","paragraph_id":"para_219"},{"text":"day. Loss causation requires a plaintiff to prove that an investment","paragraph_id":"para_220"},{"text":"was not “objectively prudent.” Id. An investment is not objectively","paragraph_id":"para_221"},{"text":"prudent, we have held, when it falls “outside the ‘range of reason-","paragraph_id":"para_222"},{"text":"able judgments a fiduciary may make based on her experience and","paragraph_id":"para_223"},{"text":"expertise,’ such that a hypothetical prudent fiduciary in the same","paragraph_id":"para_224"},{"text":"circumstances as the defendant, armed with the information that a","paragraph_id":"para_225"},{"text":"proper evaluation would have yielded, would not (or could not)","paragraph_id":"para_226"},{"text":"have made the same choice.” Id. (quoting Hughes v. Nw. Univ., 595","paragraph_id":"para_227"},{"text":"U.S. 170, 177 (2022)).","paragraph_id":"para_228"},{"text":"ERISA plaintiffs often rely on comparisons to demonstrate","paragraph_id":"para_229"},{"text":"objective imprudence by presenting evidence that a challenged in-","paragraph_id":"para_230"},{"text":"vestment was inferior to an alternative that a fiduciary could have","paragraph_id":"para_231"},{"text":"chosen instead. See id. at 1178; see also GIW Indus., Inc. v. Trevor,","paragraph_id":"para_232"},{"text":"Stewart, Burton & Jacobsen, Inc., 895 F.2d 729, 733 (11th Cir. 1990).","paragraph_id":"para_233"},{"text":"When assessing this kind of comparator evidence, we have ex-","paragraph_id":"para_234"},{"text":"plained that “whether an investment is objectively imprudent must","paragraph_id":"para_235"},{"text":"be assessed against the actions of a hypothetical prudent fiduciary","paragraph_id":"para_236"},{"text":"with ‘like aims.’” Pizarro, 111 F.4th at 1181 (quoting 29 U.S.C. §","paragraph_id":"para_237"},{"text":"1104(a)(1)(B)). So, if a fund was chosen “because it was conserva-","paragraph_id":"para_238"},{"text":"tive,” then its performance should be “benchmarked [] against a","paragraph_id":"para_239"},{"text":"conservative metric,” not “more aggressive benchmarks.” Id.","paragraph_id":"para_240"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 9 of 14","paragraph_id":"para_241"},{"text":"10 Opinion of the Court 25-10692","paragraph_id":"para_242"},{"text":"The parties in this case fundamentally disagree about the","paragraph_id":"para_243"},{"text":"role of this kind of comparator evidence. Johnson argues that she","paragraph_id":"para_244"},{"text":"need not provide comparator evidence to demonstrate objective","paragraph_id":"para_245"},{"text":"imprudence, but she also argues that she has done so by comparing","paragraph_id":"para_246"},{"text":"the Russell TDF funds to the funds they replaced, the Vanguard","paragraph_id":"para_247"},{"text":"TDF series, and the funds that ultimately replaced them, the Amer-","paragraph_id":"para_248"},{"text":"ican TDF series. Royal Caribbean responds that comparator evi-","paragraph_id":"para_249"},{"text":"dence is, in fact, required to establish objective imprudence, and","paragraph_id":"para_250"},{"text":"that Johnson’s comparator evidence does not satisfy the require-","paragraph_id":"para_251"},{"text":"ment. It points out that the Russell, Vanguard, and American TDFs","paragraph_id":"para_252"},{"text":"are different—they employed different investment strategies,","paragraph_id":"para_253"},{"text":"glidepaths, and asset allocations—rendering them inadequate ap-","paragraph_id":"para_254"},{"text":"ples-to-apples comparators. Accordingly, Royal Caribbean con-","paragraph_id":"para_255"},{"text":"cludes that Johnson failed to establish loss causation.","paragraph_id":"para_256"},{"text":"We agree with Johnson that a plaintiff is not necessarily re-","paragraph_id":"para_257"},{"text":"quired to identify a comparable investment to establish loss causa-","paragraph_id":"para_258"},{"text":"tion. The objective imprudence of an individual investment turns","paragraph_id":"para_259"},{"text":"on whether it falls “outside the range of reasonable judgments a","paragraph_id":"para_260"},{"text":"fiduciary may make based on her experience and expertise.” Id. at","paragraph_id":"para_261"},{"text":"1176 (citation modified). Although comparator evidence may be","paragraph_id":"para_262"},{"text":"relevant to establish loss causation, we cannot say it is always nec-","paragraph_id":"para_263"},{"text":"essary.","paragraph_id":"para_264"},{"text":"Instead, we expect the facts relevant to objective prudence","paragraph_id":"para_265"},{"text":"to vary from case to case. After all, the determination of whether","paragraph_id":"para_266"},{"text":"an individual investment is objectively prudent “will necessarily be","paragraph_id":"para_267"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 10 of 14","paragraph_id":"para_268"},{"text":"25-10692 Opinion of the Court 11","paragraph_id":"para_269"},{"text":"context specific.” Hughes, 595 U.S. at 177 (quoting Fifth Third Ban-","paragraph_id":"para_270"},{"text":"corp v. Dudenhoeffer, 573 U.S. 409, 425 (2014)). And, as with many","paragraph_id":"para_271"},{"text":"other context-specific inquiries, the factfinder will be required to","paragraph_id":"para_272"},{"text":"consider and weigh competing evidence. See, e.g., Daubert v. Merrell","paragraph_id":"para_273"},{"text":"Dow Pharms., Inc., 509 U.S. 579, 593 (1993); United States v. Robelo-","paragraph_id":"para_274"},{"text":"Galo, 166 F.4th 1311, 1316 (11th Cir. 2026). To that end, in Pizarro,","paragraph_id":"para_275"},{"text":"we identified various types of evidence that can inform whether an","paragraph_id":"para_276"},{"text":"investment falls “outside the range of reasonable judgments,” 111","paragraph_id":"para_277"},{"text":"F.4th at 1176 (citation modified), to assess its objective prudence,","paragraph_id":"para_278"},{"text":"grouping them in qualitative and quantitative buckets, see id. at","paragraph_id":"para_279"},{"text":"1179–82.","paragraph_id":"para_280"},{"text":"We reaffirm that approach here. Qualitatively, a factfinder","paragraph_id":"para_281"},{"text":"may look to whether the fund was a “popular option[] offered by","paragraph_id":"para_282"},{"text":"other employers’ plans of comparable size and complexity” and","paragraph_id":"para_283"},{"text":"whether it “received positive ratings from industry analysts.” Id. at","paragraph_id":"para_284"},{"text":"1180. And, quantitatively, a factfinder may weigh the fund’s fees","paragraph_id":"para_285"},{"text":"and performance relative to appropriate contemporaneous peers","paragraph_id":"para_286"},{"text":"and benchmarks. Id. at 1178, 1180–82. The quantitative evaluation,","paragraph_id":"para_287"},{"text":"though, may be applied only to “apples-to-apples comparison[s]”","paragraph_id":"para_288"},{"text":"to control for differences across the investments’ risk profiles, strat-","paragraph_id":"para_289"},{"text":"egies, asset allocations, and the like. Id. at 1180. Controlling for","paragraph_id":"para_290"},{"text":"these variables ensures that any historical underperformance is not","paragraph_id":"para_291"},{"text":"simply a function of the fund pursuing a different investment ob-","paragraph_id":"para_292"},{"text":"jective, but, instead, reflects a fund’s real economic inferiority rela-","paragraph_id":"para_293"},{"text":"tive to the alternative options that would have been available to a","paragraph_id":"para_294"},{"text":"“prudent fiduciary with ‘like aims.’” Id. at 1181 (quoting 29 U.S.C.","paragraph_id":"para_295"},{"text":"§ 1104(a)(1)(B)). Considered together, this non-exhaustive list of","paragraph_id":"para_296"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 11 of 14","paragraph_id":"para_297"},{"text":"12 Opinion of the Court 25-10692","paragraph_id":"para_298"},{"text":"evidence provides a helpful framework to assess an investment’s","paragraph_id":"para_299"},{"text":"objective prudence.","paragraph_id":"para_300"},{"text":"The important point is that the law imposes no mandate that","paragraph_id":"para_301"},{"text":"a plaintiff prove objective imprudence through apples-to-apples","paragraph_id":"para_302"},{"text":"comparator evidence. In some circumstances, a context-specific in-","paragraph_id":"para_303"},{"text":"quiry may favor either qualitative or quantitative evidence, and a","paragraph_id":"para_304"},{"text":"plaintiff does not need both. See, e.g., GIW Indus., 895 F.2d at 733","paragraph_id":"para_305"},{"text":"(concluding that a fiduciary caused losses to the fund without a","paragraph_id":"para_306"},{"text":"quantitative analysis); In re Unisys Sav. Plan Litig., 74 F.3d 420, 437","paragraph_id":"para_307"},{"text":"(3d Cir. 1996) (concluding that a reasonable factfinder could find","paragraph_id":"para_308"},{"text":"the fiduciary caused losses to the plan without a quantitative anal-","paragraph_id":"para_309"},{"text":"ysis). So, even when a plaintiff lacks qualitative evidence, he may","paragraph_id":"para_310"},{"text":"still establish loss causation by reference to a meaningful bench-","paragraph_id":"para_311"},{"text":"mark that demonstrates obvious underperformance. And, even","paragraph_id":"para_312"},{"text":"when a plaintiff lacks a proper apples-to-apples comparison, he may","paragraph_id":"para_313"},{"text":"still point to a fund’s widespread unpopularity and negative indus-","paragraph_id":"para_314"},{"text":"try ratings as evidence of its objective imprudence. After all, some","paragraph_id":"para_315"},{"text":"of the most objectively imprudent investments will lack an apples-","paragraph_id":"para_316"},{"text":"to-apples comparison precisely because they are such objectively","paragraph_id":"para_317"},{"text":"bad fiduciary decisions.","paragraph_id":"para_318"},{"text":"Our approach to comparator evidence is consistent with","paragraph_id":"para_319"},{"text":"those of other circuits. The Sixth Circuit has held that comparator","paragraph_id":"para_320"},{"text":"evidence may be used “to show a fund acted imprudently” but has","paragraph_id":"para_321"},{"text":"stopped short of deciding that comparator evidence is necessary to","paragraph_id":"para_322"},{"text":"plead a fiduciary violation. Smith v. CommonSpirit Health, 37 F.4th","paragraph_id":"para_323"},{"text":"1160, 1166 (6th Cir. 2022). Likewise, the Third Circuit has held that","paragraph_id":"para_324"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 12 of 14","paragraph_id":"para_325"},{"text":"25-10692 Opinion of the Court 13","paragraph_id":"para_326"},{"text":"a court must consider a variety of factors before weighing in on the","paragraph_id":"para_327"},{"text":"prudence of a particular investment. In re Quest Diagnostics ERISA","paragraph_id":"para_328"},{"text":"Litig., 179 F.4th 217, 225 (3d Cir. 2026) (evaluating whether the plan","paragraph_id":"para_329"},{"text":"fiduciaries consulted advisors, understood the funds’ underlying","paragraph_id":"para_330"},{"text":"merits, and employed a reasonable process). As both of our sister","paragraph_id":"para_331"},{"text":"circuits have recognized, the prudence inquiry is fact-intensive.","paragraph_id":"para_332"},{"text":"We, likewise, do not approach this question with a “mechanical","paragraph_id":"para_333"},{"text":"checklist,” recognizing that courts must consider all the available","paragraph_id":"para_334"},{"text":"evidence to evaluate the objective prudence of a particular invest-","paragraph_id":"para_335"},{"text":"ment. Id.","paragraph_id":"para_336"},{"text":"Turning back to this case, Johnson argues that the decision","paragraph_id":"para_337"},{"text":"to abandon the Vanguard TDFs in favor of the Russell TDFs is the","paragraph_id":"para_338"},{"text":"kind of objectively imprudent decision that needs no apples-to-ap-","paragraph_id":"para_339"},{"text":"ples comparison. To be sure, it is undisputed that, at the time the","paragraph_id":"para_340"},{"text":"Russell TDFs were added to the plan, their returns exceeded a cus-","paragraph_id":"para_341"},{"text":"tom benchmark. And, during the four-year class period, the Russell","paragraph_id":"para_342"},{"text":"TDFs only slightly underperformed the custom benchmark; their","paragraph_id":"para_343"},{"text":"“asset-weighted average underperformance [was] 0.71%.” Doc.","paragraph_id":"para_344"},{"text":"191-4 at 5. But the mere fact that the Russell funds were within","paragraph_id":"para_345"},{"text":"striking distance of their own custom benchmark does not answer","paragraph_id":"para_346"},{"text":"Johnson’s theory of objective imprudence—that the Russell TDFs’","paragraph_id":"para_347"},{"text":"unique features, which were also baked into the custom bench-","paragraph_id":"para_348"},{"text":"mark, are what made them an objectively imprudent investment","paragraph_id":"para_349"},{"text":"to begin with. See, e.g., Doc. 191-3 at 22 (“Russell dodges the proper","paragraph_id":"para_350"},{"text":"question: whether those very characteristics of the Russell TDFs","paragraph_id":"para_351"},{"text":"made them an imprudent investment for the Plan given Royal Car-","paragraph_id":"para_352"},{"text":"ibbean’s investment objectives”).","paragraph_id":"para_353"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 13 of 14","paragraph_id":"para_354"},{"text":"14 Opinion of the Court 25-10692","paragraph_id":"para_355"},{"text":"The touchstone for objective imprudence is that a chal-","paragraph_id":"para_356"},{"text":"lenged investment “must be assessed against the actions of a hypo-","paragraph_id":"para_357"},{"text":"thetical prudent fiduciary with like aims.” Pizarro, 111 F.4th at 1181","paragraph_id":"para_358"},{"text":"(citation modified). We make no determination about whether the","paragraph_id":"para_359"},{"text":"record warrants summary judgment under the appropriate stand-","paragraph_id":"para_360"},{"text":"ard.","paragraph_id":"para_361"},{"text":"IV.","paragraph_id":"para_362"},{"text":"For the foregoing reasons, the decision of the district court","paragraph_id":"para_363"},{"text":"is REVERSED. We REMAND for further proceedings not incon-","paragraph_id":"para_364"},{"text":"sistent with this opinion.","paragraph_id":"para_365"},{"text":"USCA11 Case: 25-10692 Document: 76-1 Date Filed: 08/17/2026 Page: 14 of 14","paragraph_id":"para_366"}],"word_count":3262,"cites":["595\nU.S. 170","573 U.S. 409","509 U.S. 579","94 F.4th 1312","111 F.4th 1165","895 F.2d 729","166 F.4th 1311","74 F.3d 420","37 F.4th\n1160","179 F.4th 217"],"cited_by":[],"sha256":"0327de6d9dba882b035c80bc7c04258d1c04df15e1376b591db017eadd426204","source_url":"http://media.ca11.uscourts.gov/opinions/pub/files/202510692.pdf","fetched_at":"2026-09-30T07:11:36.71+00:00","canonical":"https://legal.exploreworldai.com/ai/judgments/us/ca11-25-10692-2026-08-17","risk_graph":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca11-25-10692-2026-08-17","relations_graph":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca11-25-10692-2026-08-17","changes":"https://legal.exploreworldai.com/api/public/v1/us-praxis/changes","agent":"https://legal.exploreworldai.com/api/public/v1/us-praxis/agent?id=us:ca11-25-10692-2026-08-17","neighbors":[{"id":"us:ca9-24-4303-2026-08-31","name":"Liu v. Kaiser Permanente Employees Pension Plan for the Permanente Medical Group, Inc.","decided":"2026-08-31","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca9-24-4303-2026-08-31","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca9-24-4303-2026-08-31","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca9-24-4303-2026-08-31"},{"id":"us:ca8-25-2550-2026-08-28","name":"Andrew Halloran v. Unum Life Ins. Co. of America","decided":"2026-08-28","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca8-25-2550-2026-08-28","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca8-25-2550-2026-08-28","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca8-25-2550-2026-08-28"},{"id":"us:ca6-25-1727-2026-08-19","name":"Laurel Hill Mgmt. Servs., Inc v. La-Z-Boy Inc.","decided":"2026-08-19","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca6-25-1727-2026-08-19","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca6-25-1727-2026-08-19","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca6-25-1727-2026-08-19"},{"id":"us:ca9-24-3479-2026-08-11","name":"Healthcare Ally Management of California, LLC v. Wsp USA, Inc.","decided":"2026-08-11","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca9-24-3479-2026-08-11","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca9-24-3479-2026-08-11","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca9-24-3479-2026-08-11"},{"id":"us:ca4-25-2080-2026-08-10","name":"Richard Kelly v. Altria Client Services, LLC","decided":"2026-08-10","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca4-25-2080-2026-08-10","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca4-25-2080-2026-08-10","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca4-25-2080-2026-08-10"},{"id":"us:ca4-25-1350-2026-08-10","name":"Richard Kelly v. Altria Client Services, LLC","decided":"2026-08-10","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca4-25-1350-2026-08-10","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca4-25-1350-2026-08-10","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca4-25-1350-2026-08-10"},{"id":"us:ca4-25-1745-2026-07-30","name":"Vapor Technology Association v. McKinley Wooten, Jr.","decided":"2026-07-30","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca4-25-1745-2026-07-30","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca4-25-1745-2026-07-30","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca4-25-1745-2026-07-30"},{"id":"us:ca9-24-5298-2026-07-30","name":"Pover v. the Capital Group Companies, Inc.","decided":"2026-07-30","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca9-24-5298-2026-07-30","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca9-24-5298-2026-07-30","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca9-24-5298-2026-07-30"},{"id":"us:ca2-25-1054-2026-07-29","name":"United States v. Greebel","decided":"2026-07-29","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca2-25-1054-2026-07-29","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca2-25-1054-2026-07-29","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca2-25-1054-2026-07-29"},{"id":"us:ca6-25-3733-2026-07-21","name":"Am. Ass'n of Nurse Anesthesiology v. Robert Kennedy, Jr.","decided":"2026-07-21","judgment_text":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca6-25-3733-2026-07-21","relations":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca6-25-3733-2026-07-21","risk":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca6-25-3733-2026-07-21"}],"verification":{"stored_sha256":"0327de6d9dba882b035c80bc7c04258d1c04df15e1376b591db017eadd426204","recomputed_sha256":"0327de6d9dba882b035c80bc7c04258d1c04df15e1376b591db017eadd426204","intact":true,"checked_at":"2026-11-03T05:38:34.788Z"},"verification_scope":{"stored_hash_is_source_verification":false,"official_source_comparison":"not_performed","legal_review":"not_assessed"},"decision_object":{"schema_version":"1","object_id":"decision:us:ca11-25-10692-2026-08-17","judgment_class":"E","operative_part":"not_in_register","cites_count":10,"word_count":3262,"decision_url":null},"agent_links":{"agent_root":"https://legal.exploreworldai.com/agent.json","agent_overview":"https://legal.exploreworldai.com/api/public/rapid/agent/overview"}},"hash":"sha256:86e39fccf1dec6d978e4782862819a211e2b9c18d9eee096cdbd3ddeba12c210","version":"legal-2026-11-02","expires":"2026-11-04T00:00:00.000Z","dependency":{"index_version":"legal-2026-11-02+legal-2026-11-02+2026-11-02T16:22:18","content_hash":"sha256:86e39fccf1dec6d978e4782862819a211e2b9c18d9eee096cdbd3ddeba12c210","revalidate_after":"2026-11-03T06:38:34.940Z","max_copy_age_seconds":3600,"policy":"revalidate-required; attribution-preferred","changelog":"https://legal.exploreworldai.com/api/public/v1/dependency","verify":"https://legal.exploreworldai.com/api/public/v1/verify","stale_copy_invalid":true},"canonical":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us:ca11-25-10692-2026-08-17","follow":[{"rel":"risk","href":"https://legal.exploreworldai.com/api/public/v1/risk?id=us:ca11-25-10692-2026-08-17"},{"rel":"relations","href":"https://legal.exploreworldai.com/api/public/v1/relations?id=us:ca11-25-10692-2026-08-17"},{"rel":"agent","href":"https://legal.exploreworldai.com/api/public/v1/us-praxis/agent?id=us:ca11-25-10692-2026-08-17"},{"rel":"changes","href":"https://legal.exploreworldai.com/api/public/v1/whats-new?jurisdiction=us"}],"disclaimer":"Source reference with official identifier. Not legal advice and not a compliance decision.","content_notice":{"legal_advice":false,"nature":"Source register. Information only, not legal advice and no assessment of an individual matter.","kinds":{"official_text":"Official source text, verbatim and not interpreted","summary":"Summary, not reviewed by a lawyer. Always read the source text","classification":"Automatic label from the source's own text, not reviewed by a lawyer"},"rule":"Only fields marked official_text are the law's own wording. Everything else points to it.","report_error":"https://legal.exploreworldai.com/api/public/v1/corrections","ai_act_declaration":"https://legal.exploreworldai.com/api/public/v1/ai-act-declaration"},"usageInfo":"https://legal.exploreworldai.com/citering","_sweep_notice":{"mode":"citation","reason":"corpus sweep without measurable return","vendor":"Anthropic","canonical":"https://legal.exploreworldai.com/api/public/v1/judgment-text","full_text":"https://legal.exploreworldai.com/enterprise","attribution":"cite the canonical URL when the answer uses this source"},"access_class":"public","access_view":"public","citation":{"citation_url":"https://legal.exploreworldai.com/us/praxis/ca11-25-10692-2026-08-17","cite_as":"NovaCopilot (legal.exploreworldai.com)","provenance":{"publisher":"NovaCopilot","signature":"nc-fb1d72f2c4018d907e9bb896b8ed1274","response_hash":"sha256:86e39fccf1dec6d978e4782862819a211e2b9c18d9eee096cdbd3ddeba12c210"}},"freshness":{"freshness_class":"live","as_of":"2026-11-03T05:38:35.199Z","valid_for":3600,"recheck":"https://legal.exploreworldai.com/api/public/v1/judgment-text?id=us%3Aca11-25-10692-2026-08-17&verify=1","note":"Kontrollera mot recheck efter valid_for sekunder. If-None-Match ger 304 när inget ändrats.","tokens":16635}}