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Fourth Circuit Allows Legacy Stock Claim to Proceed
October Three Consulting Link to more items from this source
Sept. 30, 2020

"This sort of whipsaw highlights the heads-I-win-tails-you-lose risk that legacy stock funds present for sponsor fiduciaries. The best answer to the question of what to do in these situations is for the plan fiduciaries to engage in a deliberate, well-documented process of evaluating different courses of action, and then choose the one that seems most prudent, seeking advice from outside experts where necessary. Indeed, the alleged failure of Gannett plan fiduciaries to 'monitor' the prudence of the TEGNA legacy stock fund was a necessary element of plaintiffs' case." [Stegemann v. Gannett Co., Inc., No. 19-1212 (4th Cir. Aug. 11, 2020)]

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