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Supreme Court Rejects Presumption of Prudence for Fiduciaries Investing in Employer Stock (PDF)
Groom Law Group June 30, 2014 "[P]lan fiduciaries must now identify an approach to monitoring the plan's investment in company stock designed to fulfill ERISA's prudence requirement while recognizing that ERISA's diversification requirement does not apply.... [T]he opinion counsels that fiduciaries could have a process in place for evaluating whether to freeze investment in employer stock or to publicly disclose material, non-public information. Importantly, such a process may be aimed at determining whether no prudent fiduciary could conclude that doing so would cause more harm to the plan than good." [Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S. June 25, 2014)] |
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