ESOP Plan Fiduciaries Urge High Court To Reject Breach Of Duty Of Prudence Claims

Mealey's (August 7, 2019, 1:44 PM EDT) -- WASHINGTON, D.C. — International Business Machines Corp.’s retirement plan committee and several of the company’s senior corporate officials, who were also named fiduciaries of the company’s employee stock option plan (ESOP), told the U.S. Supreme Court in an Aug. 6 merits brief that the “more harm than good” pleading standard in Fifth Third Bancorp v. Dudenhoeffer, 573 U.S. 409 (2014), cannot be satisfied by general allegations of harm over time (Retirement Plans Committee of IBM, et al. v. Larry W. Jander, et al., No. 18-1165, U.S. Sup.)....