On June 5, 2017, in a split decision to be published, the U.S. Court of Appeals for the Tenth Circuit held that the plaintiff bears the burden on each element of its Employee Retirement Income Security Act of 1974 (“ERISA”) claim for breach of fiduciary duty, including causation and damages. Pioneer Centres Holding Co. Emp. Stock Ownership Plan & Trust v. Alerus Fin., N.A., Case No. 15-1227 (10th Cir. June 5, 2017). The Tenth Circuit affirmed a trial court’s decision that had bypassed the issue of whether the plan fiduciary had breached its duty.