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Second Circuit's Adoption of Moench Presumption of Prudence Provides 'Accommodation' for Employers Facing Stock Drop Suits
Schulte Roth & Zabel LLP [Guidance Overview] Oct. 26, 2011 In its decision, the Second Circuit adopted the Moench presumption with respect to both employee stock ownership plans ... and eligible individual account plans .... The court also noted that the presumption would apply at the pleading stage: 'Where plaintiffs do not allege facts sufficient to establish that a plan fiduciary has abused his discretion, there is no reason not to grant a motion to dismiss.' |
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