4th Circuit Will Not Rehear Tatum 401(k) Fiduciary Duty Ruling

Mealey's (May 30, 2017, 11:21 AM EDT) -- RICHMOND, Va. — The Fourth Circuit U.S. Court of Appeals on May 26 denied a petition for rehearing en banc in a case in which a split panel on April 28 affirmed that R.J. Reynolds Tobacco Co. (RJR) is not liable for losses suffered by its 401(k) retirement employee benefit plan after its 1999 decision to divest Nabisco stock from the plan because a prudent fiduciary would have made the same divestment decision at the same time and in the same manner (Richard G. Tatum, et al. v. RJR Pension Investment Committee, et al., No. 16-1293, 4th Cir.)....