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District Court Rules Privately-Held Stock Plan Fiduciary May Have Affirmative Duty to Disclose
Proskauer's ERISA Practice Center July 13, 2015 "Central to the court's decision was the fact that the plan participant was 'in a vulnerable position' because he did not receive any warning that 'investment in a non-diversified single stock fund was risky' and because he did not 'have the benefit of the open market determining the value of his SLI stock.' ... [T]he court pointed to evidence that the defendants communicated false information to him regarding the actual value of SLI stock and management's plans about the future of the company, either of which the court held could have been actionable as affirmative misrepresentations." [Wagner v. Stiefel Laboratories, Inc., No. 12 Civ. 3234 (N.D. Ga. June 18, 2014).] |
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