9th Circuit: Incorporating SEC Filings By Reference Into SPD Is Fiduciary Act

9th Circuit: Incorporating SEC Filings By Reference Into SPD Is Fiduciary Act

SAN FRANCISCO - Participants in eligible individual account plans (EIAPs) sponsored by a drug manufacturer sufficiently alleged that the plans' fiduciaries breached their fiduciary duty of care imposed by the Employee Retirement Income Security Act by retaining company stock in the plans when the stock price was artificially inflated because the company was marketing risky "off label" uses of the drugs, the Ninth Circuit U.S. Court of Appeals ruled Oct. 23 in an opinion withdrawing its earlier opinion (Harris, et al. v. Amgen, Inc., et al., No. 10-56014, 9th Cir.; 2013 U.S. App. LEXIS 21503).

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