High Court Review Sought Of Ruling On Fiduciary’s Prudence Under ERISA
Mealey's (April 12, 2016, 11:35 AM EDT) -- WASHINGTON, D.C. — Participants in an employee stock ownership plan (ESOP) on March 22 asked the U.S. Supreme Court to consider whether a divided panel of the Sixth Circuit U.S. Court of Appeals erred in concluding that a fiduciary is entitled to per se immunity any time the company stock held in an ESOP trades in an efficient market (Raymond M. Pfeil, et al. v. State Street Bank and Trust Company, No. 15-1199, U.S. Sup.).
(Petition for writ of certiorari available. Document #54-160413-097B.)