By: Carl F. Engstrom
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In this paper, Carl F. Engstrom, partner at Engstrom Lee LLC, concludes that ERISA fiduciaries could be exposed to liability if they hold SpaceX because the mechanisms that typically protect fiduciaries from liability when holding public equities are lacking. His conclusion also applies to state and local public retirement systems because state fiduciary standards are drawn from the same trust law source as ERISA.