Government To High Court: Wrong Standard Applied In ERISA Case Against IBM

Mealey's (August 16, 2019, 8:52 AM EDT) -- WASHINGTON, D.C. — In an Aug. 13 amicus curiae brief filed in support of neither party, the government told the U.S. Supreme Court that when assessing the merits of a duty-of-prudence claim against an employee stock option plan (ESOP) fiduciary accused of failing to disclose inside information, courts “should be informed by the requirements and objectives of the securities laws” (Retirement Plans Committee of IBM, et al. v. Larry W. Jander, et al., No. 18-1165, U.S. Sup.)....