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Sixth Circuit Sides With Independent Fiduciary in ERISA Stock-Drop Case
Calfee, Halter & Griswold LLPLink to more items from this source
Dec. 2, 2015
"Rather than identifying 'special circumstances,' Pfeil identified four specific dates on which State Street should have sold the plan's GM stock in light of the company's deteriorating financial condition. The [Sixth Circuit] strongly disagreed, characterizing Pfeil's argument as resting on a sleight of hand, hindsight analysis. The fact that State Street could have made a different investment decision does not mean that its decisions were imprudent, as courts evaluate a fiduciary's conduct as of 'the time it occurred,' not 'post facto.' " [Pfeil v. State Street Bank and Trust Co., No. 14-1491 (6th Cir. Nov. 10, 2015)]

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