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Ninth Circuit Again Wrestles with Fifth Third v. Dudenhoeffer, and Again Reverses Dismissal of Another Stock Drop Case
Goodwin ProcterLink to more items from this source
June 26, 2015
"In its amended decision, the Ninth Circuit panel again allowed the complaint to proceed where it claimed that plan fiduciaries should have removed publicly traded stock from the plans when they knew or should have known that material information was being withheld in violation of federal securities laws.... The dissent chided the panel for not paying heed to the Supreme Court's admonition that courts still need to 'weed out meritless lawsuits' under Dudenhoeffer. It expressed concern that under the panel's holding, any complaint alleging that the plan fiduciary could have withdrawn a fund or provided greater disclosure can survive a motion to dismiss, a holding that not only conflicts with Dudenhoeffer, but 'fundamentally undermines' the Supreme Court's earlier decisions establishing the pleading standard[.]" [Harris v. Amgen, No. 10-56014 (9th Cir. May 26, 2015)]

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