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State Street Unsuccessful in Request for Supreme Court Review of 6th Circuit Decision in Stock Drop Case
Bloomberg BNA 
Dec. 4, 2012
"The U.S. Supreme Court ... will not review the ... Sixth Circuit's decision on the extent to which Section 404(c) of the [ERISA] shields plan fiduciaries from claims of imprudent investment in employer stock ... In its petition for review, State Street [had] asked ... whether ERISA Section 404(c) provides fiduciaries of otherwise-qualified plans a defense to liability against an imprudent investment claim when the participant's control over the investment is the proximate cause for the loss. It [had] also asked the court to consider ... whether liability under ERISA Section 409(a) for a breach of fiduciary duty claim requires that the breach constitute the proximate cause of the loss." [State Street Bank and Trust Co. v. Pfeil, No. 12-256 (cert. denied 12/3/12)]
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