6th Circuit: State Street Was Prudent During GM Bankruptcy; Rehearing Sought

(December 8, 2015, 8:27 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); the ESOP’s participants filed a petition for rehearing en banc on Nov. 24 (Raymond M. Pfeil and Michael Kammer v. State Street Bank and Trust Company, No. 14-1491, 6th Cir.; 2015 U.S. App. LEXIS 19536)....

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