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Supreme Court Rejects the Moench Presumption, But Gives Some Comfort to ERISA Fiduciaries
Seyfarth Shaw LLP Link to more items from this source
June 25, 2014
"The Court expressly recognized that a goal of Congress is to encourage the establishment of ESOPs ... The Court stated that plaintiffs should be unable to survive a motion to dismiss and thereby engage in discovery merely by alleging that the fiduciaries should have taken action to protect publicly-traded company stock in light of publicly available information.... [P]laintiffs will not enter the discovery door without strong allegations that the fiduciaries breached their duties on the basis of inside information ... [and] cannot survive a motion to dismiss without plausible allegations of conduct the fiduciaries should have undertaken." [Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S. June 25, 2014)]

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