IBM Benefits Case Veers Into Securities Debate At High Court

Law360 (November 6, 2019, 9:55 PM EST) -- Much to the liberal justices' chagrin, Wednesday's arguments in a U.S. Supreme Court case against IBM focused on a topic that wasn't brought up in the lower courts: whether retirement plan caretakers should draw on securities law when deciding what duties they owe to plan participants under the Employee Retirement Income Security Act.

Talk of the interplay between corporate duties and fiduciary duties dominated the arguments, but it's unclear whether the justices will meaningfully address the contradictions that arise between these duties for corporate insiders who are also plan fiduciaries. The case's history doesn't require them to do so.

The high...

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