Cunningham is likely to usher in a new wave of ERISA litigation.

Law firms now have a roadmap to file viable lawsuits with minimal pleading requirements. Participants may be more willing to challenge fee structures, fund options, or vendor relationships—especially when retirement balances don’t grow as expected.

We may also see:
– More settlements to avoid the cost of discovery
– Higher fiduciary insurance premiums
– Stronger demand for fee transparency and ESG-related fund scrutiny

For companies, the best defense will be a documented, transparent fiduciary process. Legal exposure may rise, but the ruling could also push the industry toward more participant-centered retirement planning.

In the end, Cunningham is about trust. The Court is telling employers: if you manage someone else’s retirement money, you must be prepared to prove you did it right.