JPMorgan Retirees Blast ERISA Ruling In High Court Appeal

Law360, New York (September 13, 2012, 6:49 PM EDT) -- The “presumption of prudence” absolving retirement plan administrators for losses resulting from investment in an employer's own stock is a distortion of the Employee Retirement Income Security Act, according to the appeal of such a ruling for JPMorgan Chase & Co. in the U.S. Supreme Court.

In a petition for certiorari filed with the high court last week, class plaintiffs seeking reconsideration of their ERISA suit, which accuses JPMorgan of duping employee retirement fund participants to invest in the bank by hiding its risky dealings with...
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