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Second Circuit Affirms Dismissal of ESOP Prohibited Transaction Lawsuit for Lack of Standing

Second Circuit Affirms Dismissal of ESOP Prohibited Transaction Lawsuit for Lack of Standing

In Plutzer v. Bankers Trust Company of South Dakota, et al., No. 22-561-CV, 2022 WL 17086483 (2d Cir. Nov. 21, 2022), Plaintiff-Appellant Edward Plutzer, on behalf of the Tharanco Group,…

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Third Circuit: ESOP Plaintiffs Failed to Meet High Pleading Standard for ERISA Breach of Prudence Claim Based on Inside Information

Since the Supreme Court decided Fifth Third Bancorp v. Dudenhoeffer, 573 U.S. 409 (2014), it has been difficult for participants in employee stock ownership plans (ESOPs) to adequately allege a…

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Seventh Circuit: Independent Investment Fiduciary Shields ESOP Fiduciaries from Liability for Investment in Company Stock

Burke v. Boeing Co., No. 20-3389, __F.4th__, 2022 WL 3030835 (7th Cir. Aug. 1, 2022) involves a lawsuit that seeks to hold fiduciaries of the Boeing Voluntary Investment Plan (the…

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Fourth Circuit Reduces Damages Award in DOL Action Against ESOP Company Owner

In Walsh v. Vinoskey, __F.4th__, 2021 WL 5764250 (4th Cir. Dec. 6, 2021), a matter brought by the Secretary of Labor alleging ERISA violations against fiduciaries of an employee stock…

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Seventh Circuit Holds ERISA Claims Are Arbitrable but Arbitration Provision Forbidding Plan-Wide Relief Is Unenforceable

In Smith v. Bd. of Directors of Triad Mfg., Inc., No. 20-2708, __F.4th__, 2021 WL 4129456 (7th Cir. Sept. 10, 2021), Plaintiff-Appellee James Smith sued the fiduciaries of the Triad’s…

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Seventh Circuit Holds ERISA Does Not Preempt Bankruptcy Creditors’ State Law Claims Against Corporate Directors and Officers

In Halperin v. Richards, No. 20-2793, __F.4th__, 2021 WL 3184305 (7th Cir. July 28, 2021), the Seventh Circuit considered whether ERISA “preempts certain state-law claims brought by bankruptcy creditors on…

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