Bloomberg Law
Nov. 10, 2021, 4:25 PM

Feds Urge SCOTUS to Skip Suit Over Tegna Stock in Gannett 401(k)

Jacklyn Wille
Jacklyn Wille
Legal Reporter

A lawsuit challenging the Tegna Inc. stock in Gannett Co.'s 401(k) plan shouldn’t get U.S. Supreme Court review, because a federal appeals court correctly revived participants’ claims under ERISA’s fiduciary duties of prudence and diversification, the U.S. solicitor general said.

There’s no meaningful circuit split between the U.S. Court of Appeals for the Fourth Circuit’s 2020 decision reviving the Gannett workers’ lawsuit and the Fifth Circuit’s decision refusing to revive a similar case involving Phillips 66’s 401(k) plan, U.S. solicitor general Elizabeth B. Prelogar said in an amicus brief filed Tuesday and at the Supreme Court’s invitation. Both courts ...