5th Circuit Panel: Complaint Against BP Doesn’t Satisfy Dudenhoeffer Standard

(September 28, 2016, 1:53 PM EDT) -- NEW ORLEANS — A Fifth Circuit U.S. Court of Appeals panel on Sept. 26 held that a Texas federal judge erred in holding that a consolidated Employee Retirement Income Security Act action against BP PLC that was filed after the Deepwater Horizon explosion and oil spill satisfies the pleading standard set by the U.S. Supreme Court in Fifth Third Bancorp v. Dudenhoeffer (134 S. Ct. 2459 [2014]) because the complaint failed to propose an alternative course of action that a prudent fiduciary would recognize was more...
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