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Fiduciaries Get Final Win in Lawsuit Over Disney 401(k) Investment in Sequoia Fund
planadviser; registration may be required 
Mar. 6, 2019
"[T]he appellate court found that Sequoia's investment and concentration in Valeant was facially consistent with the retirement plan documents, noting that both the plan's summary plan description and Sequoia's 2015 Prospectus note that Sequoia is 'non-diversified' and there are risks associated with Sequoia's investment strategy. To the extent that the plan documents even distinguish between 'value' and 'growth,' the 9th Circuit agreed with the District Court that these words were used simply to 'describe [Sequoia's] investments; not to also convey [its] overall investment strategy.' " [Wilson v. Fidelity Mgmt. Trust Co., No. 17-55726 (9th Cir. Mar. 1, 2019, unpub.)]
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