Wells Fargo To U.S. High Court: Petition To Clarify Dudenhoeffer Should Be Denied

Mealey's (March 3, 2021, 1:50 PM EST) -- WASHINGTON, D.C. — A petition for a writ of certiorari filed by benefit plan participants in a suit over immunity from duty-of-prudence claims that are based on the failure to publicly disclose inside information where such a disclosure would cause a stock drop should be denied by the U.S. Supreme Court for several reasons, including that their first question seeking a clarification of Fifth Third Corp. v. Dudenhoeffer isn’t even presented by the case, Wells Fargo & Co. and the other employee stock ownership plan (ESOP) fiduciaries argue in their March 1 opposition brief....