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Text of D.C. Court of Appeals Decision Affirming Dismissal of J.C. Penney Stock Drop Suit (PDF)
U.S. Court of Appeals for the District of Columbia Circuit 
Jan. 3, 2017
"Throughout the entire period that the value of J.C. Penney common stock dipped ever lower, Evercore [Trust Company] stood resolute.... The shares in the Penney Stock Fund that [plaintiff and plan participant Donna Marie Coburn] and other investors owned took the full force of the hit.... [T]he district court granted Evercore's motion to dismiss the complaint for failure to state a claim ... [primarily] relying on the United States Supreme Court's opinion in Dudenhoeffer ... [B]ecause a stock price on an efficient market reflects all publicly available information, Dudenhoeffer requires additional allegations of 'special circumstances' when a plaintiff brings a breach of the duty of prudence claim against a fiduciary based on that information.... Applying Dudenhoeffer here, we believe Coburn's claim falls far short." [Coburn v. Evercore, No. 16-7029 (D.C. Cir. Dec. 30, 2016)]
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