Following the recommendation of the U.S. Solicitor General, the Supreme Court has said it will not review R.J. Reynolds' request to revisit a lower-court ruling against the tobacco company in a "reverse" stock-drop case brought under the Employee Retirement Income Security Act.
Last December the 4th Circuit Court of Appeals overturned a District Court judgment and ruled in favor of participants in the company's 401(k) plans in a claim that dates back to its split from Nabisco in 1999.
The case struck at the heart of ERISA's prudent fiduciary standard, as well as whether fiduciaries or participants bear the burden of proving an investment decision prudent or not.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
