DOL Backs Rehearing Bid In McGraw-Hill ERISA Appeal

Law360, New York (December 9, 2011, 8:13 PM EST) -- The U.S. Department of Labor on Thursday asked the Second Circuit for permission to file a brief in support of The McGraw-Hill Cos. Inc. workers seeking a rehearing of their appeal of the dismissal of their suit claiming their retirement plans were imprudently invested in company stock.

The Second Circuit initially affirmed a New York court's decision to nix a putative class action under the Employee Retirement Income Security Act claiming plan fiduciaries should have known company stock was not a good investment for the plans....
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