The Supreme Court has been asked to rule on whether employers that offer company stock in their 401(k) plans can be assumed to have acted prudently even if the price of the stock drops steeply.
The solicitor general's office filed a brief after the court sought its input on Fifth Third Bancorp v. John Dudenhoeffer et al. The solicitor general asked the justices to rule that "courts should not apply a presumption that an [Employee Stock Ownership Plan] fiduciary has acted prudently at any stage of the proceedings."
The Department of Labor also filed a brief asking the Supreme Court to reverse the decision.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
