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Lying is inconsistent with the duty of loyalty owed by all fiduciaries. Gregg v. Transportation Workers of America International, 343 F.3d 833 (6th Cir. 2003).

A fiduciary also may not materially mislead beneficiaries. Varity Corp. v. Howe, 516 U.S. 489, 505 (1996).

A fiduciary must give complete and accurate information in response to participants’ questions. Drennan v. Gen. Motors Corp., 977 F.2d 246, 251 (6th Cir. 1992); accord Electro-Mechanical Corp. v. Ogan, 9 F.3d 445, 451 (6th Cir. 1993).

A fiduciary may not mislead, even if this means disclosing information that the fiduciary would not otherwise need to disclose. Gregg v. Transportation Workers of America International, supra.

The cases above mostly have to do with federally regulated benefit programs. However, it is my position that they express generally accepted principles with respect to duties of fiduciaries.

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