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'Moench Presumption' Dies; ESOPs Live; Stock Drop Claims Are Seriously Wounded (PDF)
Steptoe & Johnson LLP Link to more items from this source
June 27, 2014
"[T]he opinion eviscerates the basic theories that plaintiffs have attempted to advance in the stock drop context. The Court states firmly that fiduciaries cannot trade on the basis of insider information and are entitled to rely on prices set by the market. Those pronouncements largely sound the death knell for divestment claims -- the big money claim in this area." [Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S. June 25, 2014)]

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