Mealey's Labor & Employment - Supreme Court Hears Oral Arguments On ERISA Presumption Of Prudence

WASHINGTON, D.C. - Fifth Third Bank and its employee stock ownership plan (ESOP) trustees in oral arguments on April 2 urged the U.S. Supreme Court to find that the Sixth Circuit U.S. Court of Appeals erred by holding that participants in the ESOP were not required to allege that the ESOP fiduciaries abused their discretion by remaining invested in employer stock to overcome the presumption that the trustees' decision to invest in employer stock was reasonable under the Employee Retirement Income Security Act (Fifth Third Bancorp, et al. v. John Dudenhoeffer, et al., No. 12-751, U.S. Sup.).

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