Law360, New York (June 01, 2012, 1:04 PM ET) -- Although more than 15 years have passed since the Third Circuit issued its seminal decision in Moench v. Robertson, 62 F.3d 553 (3d Cir. 1995), courts are still grappling with its application and reach. In Moench, the Third Circuit adopted an abuse-of-discretion standard for reviewing an employee stock ownership plan fiduciary’s decision to continue investing in employer securities.
Recognizing that ESOP Employee Retirement Income Security Act fiduciaries “wear two hats” because they are “expected to administer investments consistent with the provisions of both a specific employee...
When The Presumption Of Prudence Applies
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