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Case: Retirement Plans/Fiduciary Duties (U.S.)

Jan. 14, 2020, 5:01 PM

The U.S. Supreme Court vacated the Second Circuit’s decision in a lawsuit over the company stock in International Business Machines Corp.’s 401(k) plan. It sent the case back to the Second Circuit to give that court an opportunity to determine in the first instance whether ERISA imposes no duty on an Employee Stock Ownership Plan fiduciary to act on inside information, and whether an ERISA-based duty to disclose inside information that is not otherwise required to be disclosed by the securities laws would “conflict” at least with “objectives of” the “complex insider trading and corporate disclosure requirements imposed by the...

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