Presumption Of Prudence Applies; Judge Dismisses Pfizer Stock-Drop Case

Presumption Of Prudence Applies; Judge Dismisses Pfizer Stock-Drop Case

NEW YORK - A federal judge in New York on March 29 dismissed claims by participants in Pfizer Inc.'s retirement savings plans that the plan fiduciaries breached their fiduciary duties under the Employee Retirement Income Security Act, finding that the participants failed to demonstrate that the plans' investment in company stock when the stock price was inflated was an abuse of discretion (In re Pfizer Inc. ERISA Litigation, No. 04 Civ. 10071, S.D. N.Y.; 2013 U.S. Dist. LEXIS 45868).

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