In this issue:

- Recent Supreme Court Decisions Revise Rules for Stock Drop Cases

- Hobby Lobby and the Questions Left Unanswered

- Post-Amara Landscape Continues to Evolve

- Supreme Court to Decide Whether A Failed Class Action May Extend Deadline to Bring Follow-on Claims By Individual Plaintiffs

- Supreme Court Indicates That It Will Review "Tibble"

- Challenges Could Threaten Individual Subsidies and Employer Mandate Penalties in States with Federal Exchanges

- Excerpt from Recent Supreme Court Decisions Revise Rules for Stock Drop Cases:

Retirement plans that invest in company stock are subject to the rules under the Employee Retirement Income Security Act of 1974 (“ERISA”) and securities laws. The U.S. Supreme Court has recently issued two opinions that impact litigation involving these plans under both ERISA and securities laws. In Fifth Third Bancorp v. Dudenhoeffer, the Supreme Court analyzes ERISA’s fiduciary requirements where the value of the company stock in the plan declined (known as “stock drop cases”). In Halliburton v. Erica P. John Fund, the Supreme Court analyzes stock drop cases with respect to securities law issues. Both cases are likely to have significant impacts on plans that invest in company stock. (Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (June 25, 2014); Halliburton v. Erica P. John Fund, No. 13-317 (June 23, 2014).)