Feds Double Down on ERISA Disclosure Argument After SCOTUS Look

Nothing in federal benefits law requires corporate insiders to make public disclosures beyond those required by securities law, the Labor Department and the Securities and Exchange Commission told the Second Circuit in letters that doubled down on their earlier position.

The agencies’ letters, filed Monday, come five months after the U.S. Supreme Court ordered the Second Circuit to reconsider a dispute involving a 7% drop in the International Business Machines Corp. stock held by the company’s 401(k) plan. The Supreme Court sent the Employee Retirement Income Security Act lawsuit back for more analysis after finding that the agencies and the ...