6th Circuit: State Street Was Prudent During GM Bankruptcy
(November 13, 2015, 11:08 AM EST) -- CINCINNATI — A divided Sixth Circuit U.S. Court of Appeals on Nov. 10 rejected claims that State Street Bank and Trust Co. breached its statutory duty of prudence as fiduciary of the General Motors (GM) Employee Stock Ownership Plan (ESOP) (Raymond M. Pfeil and Michael Kammer v. State Street Bank and Trust Company, No. 14-1491, 6th Cir.; 2015 U.S. App. LEXIS 19536).
(Decision available. Document #54-151209-001Z.)
The appellate majority of Circuit Judges Danny J. Boggs and Richard F. Suhrheinrich wrote that State Street’s “actual processes demonstrated...