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|Text of DOL Secretary Amicus Brief in Support of Appellant Requesting Reversal in re: Citigroup ERISA Litigation|
U.S. Department of Labor [DOL]
Jan. 24, 2010
Excerpt: ARGUMENT: I. Under ERISA section 404(a)(1)(D), defendants had fiduciary duties with respect to the plans investment in employer stock, despite plan terms mandating such investment. II. The District Court erred in dismissing the case based on a presumption that the fiduciaries acted prudently in allowing the plan to purchase excessively risky employer stock at allegedly inflated prices. III. Fiduciaries had a duty not to mislead plan participants and to disclose information necessary for the protection of their benefits.
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