In Amgen v. Steve Harris, 577 U. S. ____ (2016), the U.S. Supreme Court reversed the Ninth Circuit’s determination that a participants’/stockholders’ complaint states a claim under ERISA against plan fiduciaries for breaching the duty of prudence, when the fiduciaries failed to stop offering employer stock as an investment alternative under the plan. The Supreme Court discussed the facts and allegations supporting the claim of breach that should appear in the participants’/stockholders’ complaint, in order to state a claim under ERISA. The case is here.
Published By Stanley D. Baum, New York ERISA attorney. Handling matters in ERISA, employee benefits, executive compensation, disability, and employment law for employers, individuals and unions.