Phillips 66 To High Court: No Review Needed In Fiduciary Duties Suit

Mealey's (June 14, 2021, 11:33 AM EDT) -- WASHINGTON, D.C. — Two cases “do not embody a circuit split meriting review here,” the Investment Committee of the Phillips 66 Saving Plan and others tells the U.S. Supreme Court in a June 10 brief opposing a petition for a writ of certiorari that asks 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; however, the Investment Committee and others ask that if the high court does review Gannett Co. v. Quatrone and “is inclined not to deny certiorari here,” it consider both cases together....