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Client Alert—Court Gives ERISA Plan Fiduciaries Presumption of Prudence
22-May-2008
by Frederick A. Brodie, Susan P. Serota, Michael P. Simpson
Fiduciaries of 401(k) plans and other eligible individual account plans recently received some comfort from the U.S. Court of Appeals for the Fifth Circuit, which affirmed a grant of summary judgment for defendants in a class action alleging that the fiduciaries should have ceased investing plan assets in employer stock, contrary to the plan’s express requirements.
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