Last week, International Business Machines Corp. (IBM) sought Supreme Court review of a Second Circuit decision favoring retirement plan participants claiming the plan’s fiduciaries breached their duty of prudence in failing...more
The U.S. Court of Appeals for the Seventh Circuit's Aug. 25, 2016, decision in Allen v. GreatBanc Trust Co., No. 15-3569, made it the first court in a published opinion to expressly reject Fifth Third Bancorp v....more
The Supreme Court, in Fifth Third Bancorp v. John Dudenhoeffer (Dudenhoeffer), recently established new standards for determining when fiduciaries of Employee Stock Ownership Plans (ESOPs) act prudently regarding a company’s...more
The United States Supreme Court issued a decision yesterday that will result in significant changes to employee stock ownership plan ("ESOP") administration and design, which could jeopardize the viability of stand-alone...more
The Supreme Court has agreed to hear the case of Fifth Third Bancorp v. Dudenhoeffer, in which the Sixth Circuit Court of Appeals, in response to a motion to dismiss, declined to adopt a presumption of prudence in favor of a...more