Amici Urge High Court To Affirm 2nd Circuit Ruling In Favor Of Plan Participants

Mealey's (October 8, 2019, 10:09 AM EDT) -- WASHINGTON, D.C. — In three amicus curiae briefs, all filed Oct. 1 in support of plan participants who allege that plan fiduciaries violated their duty of prudence by continuing to invest employee stock option plan (ESOP) funds despite insider knowledge that the stock price was artificially inflated, the amici urge the U.S. Supreme Court to affirm the Second Circuit U.S. Court of Appeals’ finding that the plan participants stated a plausible claim for relief (Retirement Plans Committee of IBM, et al. v. Larry W. Jander, et al., No. 18-1165, U.S. Sup.)....