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Recent Sixth Circuit Decision Makes It Tougher to Defend Plan Investment Decisions
McDonald Hopkins Link to more items from this source
Apr. 5, 2012
"These holdings by the Sixth Circuit distinguish it from the rulings of other Circuit Courts.... ESOP fiduciaries ... may have to wait to rely on the presumption [of prudence] until there is a fully developed evidentiary record. Consequently, ESOP fiduciaries should be prepared to demonstrate prudence and reasonableness in their decisions surrounding the ESOP's investment in company stock.... The Sixth Circuit [also] held that the ERISA Section 404(c) safe harbor defense does not apply in this case because it does not relieve fiduciaries of the responsibility to monitor investments."

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