Angelo Savino

Angelo Savino

Cozen O'Connor

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Supreme Court Rejects Presumption of Prudence for ESOP Fiduciaries

On June 25, 2014, the Supreme Court of the United States, in Fifth Third Bancorp v. Dudenhoffer, declared that no “presumption of prudence” applied to fiduciaries of “employee stock ownership plans” (ESOPs). ...more

7/10/2014 - Corporate Counsel Duty of Prudence ERISA ESOP Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Popular SCOTUS US Bancorp

Chen v. Howard-Anderson: A Study in the Standards of Review and of D&O Conduct in the Merger Context

Litigation over challenges to corporate mergers has swelled in recent years, exposing directors, officers and their D&O insurers to large amounts of defense costs and potentially great liability. The Delaware Chancery Court...more

5/9/2014 - Board of Directors Corporate Officers D&O Insurance Disclosure Exculpatory Clauses Fiduciary Duty Mergers Standard of Review

Second Circuit Further Curtails Duty of Prudence Claims in Saint Vincent Catholic Medical Centers v. Morgan Stanley

In a line of recent cases, the 2nd Circuit has limited ERISA plaintiffs’ claims for breach of the duty of prudence by holding that investments of benefit plan funds in employer securities pursuant to plans calling for such...more

5/8/2013 - Asset Diversification Defined Benefit Plans Duty of Prudence ERISA Fiduciary Duty Morgan Stanley Risk Management

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