9th Circ. Revives ERISA Action Over Amgen Stock Drop

Law360, New York (June 5, 2013, 9:52 PM EDT) -- The Ninth Circuit on Tuesday revived a putative Employee Retirement Income Security Act class action against Amgen Inc. over a dip in the company's stock price, holding that the company was not entitled to a presumption that its shares were a prudent investment for workers' pension plans. 

The appeals court reversed the dismissal of an ERISA case brought by current and former Amgen Inc. employees who claim their retirement plans should not have been invested in company stock during a period when share prices were allegedly...
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