U.S. High Court Denies Cert In Petition To Clarify Dudenhoeffer On Immunity

Mealey's (May 3, 2021, 12:31 PM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court in its May 3 order list turned away a petition for a writ of certiorari from Wells Fargo & Co. plan participants asking it to resolve a lower court divide on interpreting Fifth Third Corp. v. Dudenhoeffer and whether under the 2014 decision employee stock ownership plan (ESOP) fiduciaries “are effectively immune from duty-of-prudence liability for the failure to publicly disclose inside information” where such a disclosure would cause a stock drop....