2nd Circ. Gives IBM Workers A Second Chance At ERISA Row
Law360 (December 10, 2018, 9:12 PM EST) -- A Second Circuit panel on Monday gave a proposed class of IBM employees another shot at proving the company improperly invested workers' retirement savings in overpriced IBM stock, saying a New York federal judge shouldn't have tossed claims that the alleged actions flouted the Employee Retirement Income Security Act.
The workers provided adequate support for their claim that IBM breached its fiduciary duty of prudence by continuing to invest their savings in company stock despite secretly knowing IBM's microelectronic business was overvalued, the panel wrote in its opinion.
In rendering its decision, the panel overturned U.S. District Judge William H. Pauley...
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