High Court Won't Hear Citi, McGraw-Hill ERISA Suits

Law360, New York (October 15, 2012, 1:54 PM EDT) -- The U.S. Supreme Court on Monday refused to consider reviving two proposed class actions that accused Citigroup Inc. and The McGraw-Hill Cos. Inc. of violating their fiduciary duty to employees by investing retirement funds in company stock that later plummeted.

By rejecting the cases, the high court will leave in place the Second Circuit's 2011 decision that the Employee Retirement Income Security Act didn't require the companies' fund administrators to warn plan participants or divest from company stock in the months leading up to the financial...
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