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Supreme Court Returns to ERISA Statutory Basics, Rejects Moench Presumption: Implications for ESOP Trusts Holding Non-Publicly Traded Securities
Jackson Lewis P.C. Link to more items from this source
July 14, 2014
"[F]iduciaries for ESOPs holding non-publicly traded employer securities or considering the acquisition of non-publicly traded employer securities should clearly document all actions, omissions, and deliberations with respect to such investments and transactions to reflect their procedural prudence. Furthermore, individuals and entities not intending to assume an ERISA fiduciary role for such ESOPs need to ensure that the ESOP and ERISA fiduciaries establish the procedural context of their independence." [Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S. June 25, 2014)]

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