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Faegre Drinker Biddle & Reath LLP

Thinking ESOPs: Why Aren’t Courts Conducting the 'Context-Specific' Inquiry Into Complaints That the Supreme Court Requires?

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Recently, several appellate-level court decisions have affirmed dismissals of ERISA fiduciary-breach claims involving 401(k) plans. These decisions followed the Supreme Court’s decision earlier this year in a 403(b) case, in...more

Faegre Drinker Biddle & Reath LLP

ERISA Litigation Roundup: Federal District Court Dismisses ERISA Stock-Drop Suit

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On September 30, 2021, the U.S. District Court for the District of Connecticut dismissed an ERISA stock-drop lawsuit brought against alleged fiduciaries of Aetna, Inc.’s (Aetna’s) employee stock ownership plan (ESOP), holding...more

Faegre Drinker Biddle & Reath LLP

ERISA Litigation Roundup: Northern District of Illinois Dismisses ERISA Stock-Drop Suit

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On August 23, 2021, the U.S. District Court for the Northern District of Illinois dismissed an ERISA stock-drop lawsuit brought against fiduciaries of Kraft Heinz Food Company’s employee stock ownership plan (ESOP), holding...more

Jackson Lewis P.C.

Failure To Identify Specific Viable Alternative Action Dooms Stock Drop Claim

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The Ninth Circuit recently affirmed the dismissal of an ERISA employer-stock drop putative class action, holding that the plaintiff’s failure to identify specific, viable alternative actions that plan fiduciaries should have...more

Dechert LLP

A Look at the Current State of ERISA Class Action Litigation

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This OnPoint is the first in a series that will examine important trends and developments in class action litigation under the Employee Retirement Income Security Act of 1974 (ERISA).  Here, we look at the current litigation...more

Vinson & Elkins LLP

Stock Drop Litigation Cases Are On The Rise: Will Your Retirement Plan Be A Target?

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Key Takeaways- •Stock price plunges caused by COVID and current market conditions create fertile ground for stockholder litigation, including claims by participants in retirement plans funded with employer securities that...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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USA Today publisher and media conglomerate Gannett has rejected a $1.3 billion hostile takeover bid from Alden Global Capital-backed MNG Enterprises, “kicking off a battle for shareholder votes to determine the future of the...more

Seyfarth Shaw LLP

Second Circuit Gives New Life to Stock Drop Claim

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Seyfarth synopsis: The Second Circuit reversed dismissal of an ERISA stock drop class action finding plaintiff alleged enough to plausibly show that disclosure of alleged corporate problems would not have done more harm than...more

Stinson - Benefits Notes Blog

Owner/Trustee of 401(k) Plan Accused of Having Eyes Wide Shut on Fiduciary Duties

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Last June I blogged about the trend of participant fee class actions moving down to smaller 401(k) Plans. Occasionally, class actions are brought based on other breaches of fiduciary duties, particularly those involving...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - April 2016

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Editor's Overview - This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more

Dechert LLP

Be Careful What You Wish For – Dudenhoeffer May Do “More Harm Than Good” For ERISA “Stock Drop” Plaintiffs

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In its June 2014 decision in Dudenhoeffer v. Fifth Third Bank, the U.S. Supreme Court unanimously declined to recognize a “presumption of prudence” that had favored retirement-plan fiduciaries faced with allegations of...more

Morrison & Foerster LLP

U.S. Supreme Court Abolishes the Presumption of Prudence in ERISA Stock Drop Cases

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A recurring scenario in ERISA litigation involves claims against fiduciaries of 401(k) retirement plans who are alleged to have breached their fiduciary duty by failing to discontinue investment in employer stock following a...more

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