The Employment Retirement Income Security Act (ERISA) is a key U.S. labor law that sets minimum standards for the administration of private pension plans and creates causes of action for employee plan participants and beneficiaries. ERISA requires administrators to act solely in the interest of the participants and beneficiaries of the plan and establishes they must do so “with the care, skill, prudence, and diligence” of a prudent man under the circumstances. 29 U.S.C. § 1104(a)(1)(B). Furthermore, any fiduciary who breaches that duty may be held personally liable for the loss. Id. § 1109(a). Fiduciaries found liable for breach are subject to equitable remedial relief determined by the court, up to and including removal. Id. In an ERISA-based cause of action for the loss, there must be both a breach of fiduciary duty and a financial loss to the beneficiary.