U.S. High Court Seeks Response To Stock Fund Petition From Phillips 66

Mealey's (March 29, 2021, 9:52 AM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court on March 22 requested a response from the Investment Committee of the Phillips 66 Saving Plan and others to a petition filed March 8 by plan participants presenting a question to the high court concerning whether dismissal on the pleadings is appropriate when a fiduciary is accused of imprudence based on maintaining a single-stock fund in a defined contribution plan where participants may sell their shares and reinvest in diversified funds, but asking that their petition be held pending the high court’s disposition in Gannett Co. v. Quatrone....