Edison Executives Beat ERISA Stock Challenge in Ninth Circuit

April 19, 2021, 5:22 PM

An Edison International Inc. employee on Monday lost her appeal seeking to hold two executives liable for a decline in stock price that allegedly hurt the company’s retirement plan, when the Ninth Circuit held that the employee failed to identify a viable alternative action the executives should have taken.

Retirement plan participants challenging a drop in company stock price under the Employee Retirement Income Security Act must produce “context-specific allegations” about the plan and stock in question, the U.S. Court of Appeals for the Ninth Circuit held. Relying on “generic economic principles” isn’t enough, the court said, citing opinions from...

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