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Stock Drop Claims Based on Public Information Fail to Overcome Deference to Market Prices
Thomson Reuters / EBIA Nov. 2, 2018
"[C]ourts are now applying Dudenhoeffer to bar prudence claims in the worst of economic circumstances, creating uncertainty as to what claims can be made if all relevant public information is deemed incorporated into market prices, and risk-based claims can be dismissed as claims of inaccurate pricing ... [One] court acknowledged some of these limitations in a case involving stock funds liquidated at a substantial loss, expressing the view that market price does not capture all of the factors that must be considered by a prudent fiduciary." [Kopp v. Klein, No. 16-11590 (5th Cir. June 27, 2018); In re SunEdison, Inc. ERISA Litigation, Nos. 16-2742, 16-2744 (S.D.N.Y. Aug. 6, 2018)]
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