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DOL Amicus Brief Supporting Denial of Supreme Court Review of Gannett Fiduciary Case (PDF)
U.S. Solicitor General, on behalf of the Solicitor of LaborLink to more items from this source
Nov. 17, 2021

29 pages. "The court of appeals correctly determined that respondents' amended complaint states claims for breach of ERISA's duties of prudence and diversification. Respondents plausibly allege that petitioners acted imprudently by failing to investigate red flags about the Plan's TEGNA stock holdings and to divest that stock within an appropriate time. Respondents also plausibly allege that the Plan as a whole was not adequately diversified because petitioners offered the TEGNA Stock Fund in addition to the New Gannett ESOP in the same sector. Contrary to petitioners' contention, the court of appeals' decision does not create any clear conflict with the decision of another federal court of appeals that warrants this Court's review. And petitioners likewise err in asserting that the court of appeals' decision conflicts with Dudenhoeffer. The petition for a writ of cer- tiorari should be denied." [Gannett Co. v. Quatrone, No. 19-1212 (4th Cir. Aug. 11, 2020; cert. pet. filed Oct. 30, 2020, S. Ct. No. 20-609)]

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