6th Circuit Affirms Ruling Dismissing ERISA Suit Against Cliffs Natural Resources

Mealey's (April 10, 2017, 1:44 PM EDT) -- CINCINNATI — A Sixth Circuit U.S. Court of Appeals panel on April 7 affirmed an Ohio federal judge’s decision to dismiss a class action filed by members of the Cliffs Natural Resources Inc. employee stock ownership plan (ESOP) alleging breach of fiduciary duty under the Employee Retirement Income Security Act, saying that the decision is in line with the U.S. Supreme Court’s decision in Fifth Third Bancorp. v. Dudenhoeffer that allowed fiduciaries for ESOPs to rely solely on the market price of a security as a risk barometer (Paul Saumer, et al. v. Cliffs Natural Resources Inc., et al., No. 16-3449, 6th Cir., 2017 U.S. App. LEXIS 6015)....