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Supreme Court Rewrites the Rules Governing ERISA Fiduciary Duty Claims Against ESOP Trustees
Crowell Moring Link to more items from this source
July 21, 2014
"The vast majority of complaints filed in stock-drop cases to date make broad allegations that the fiduciaries 'knew or should have known' the company's stock was an imprudent investment, based on publicly available information. The Court's suggestion that a 'special circumstances' pleading obligation applies ... will make it considerably more difficult for plaintiffs making such claims to survive a motion to dismiss.... Fiduciaries of ESOPs holding non-publicly traded stock may be particularly impacted by the Court's rejection of the Moench presumption."

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