High Court: 9th Circuit Erred In Evaluating Fiduciary Breach Complaint Under Fifth Third

Mealey's (January 25, 2016, 1:30 PM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court on Jan. 25 in a per curiam opinion reversed the Ninth Circuit U.S. Court of Appeals’ ruling that participants in eligible individual account plans (EIAPs) sponsored by Amgen Inc. sufficiently alleged that the plans’ fiduciaries breached their fiduciary duty of care imposed by the Employee Retirement Income Security Act by retaining company stock in the plans when the stock price was artificially inflated because the company was marketing risky “off label” uses of drugs (Amgen Inc., et al. v....
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