The U.S. Supreme Court’s April 17 2025 ruling in *Cunningham v. Cornell University* reshaped the legal landscape for retirement‑plan fiduciaries by confirming that plaintiffs need only plead the bare elements of an ERISA § 406(a) prohibited‑transaction claim, leaving the plan sponsor to raise statutory exemptions as affirmative defenses.  While the case name dominates headlines, the real question for practitioners is…