High Court Urged Not To Review Phillips 66 Single-Stock Suit

Law360 (June 10, 2021, 7:01 PM EDT) -- The overseers of Phillips 66's retirement plan urged the U.S. Supreme Court not to review their victory in an ERISA case that claimed they invested workers' savings too heavily in Phillips' former parent company's stock, arguing in a document filed Thursday that the Fifth Circuit ruled correctly.

The Investment Committee of the Phillips 66 Savings Plan used their opposition brief to fight four plan participants' argument that the plan's substantial investment in a fund containing only ConocoPhillips stock violated the Employee Retirement Income Security Act's diversification requirement.

The committee shot back at that claim, writing that "ERISA does not prohibit offering...

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